Cabinet clears 5% interest subvention for crop loans

Interest Subvention Scheme (ISS) has been approved by the government for farmers for the year 2017-18. Now the farmers can avail short term crop loan up to Rs. 3 lakh which is payable within one year at only 4% per annum. The Government has reserved sum of Rs. 20,339 crore for this purpose.

Things to remember  
          NABARD and RBI will execute the Interest Subvention Scheme for one year.
  • The main aim of this scheme is to offer short term loan at an affordable rate which will increase the agricultural productivity and production in the country.
  • The revised interest rates will be provided to the Public Sector Banks (PSBs), Private Sector Banks, Cooperative Banks and Regional Rural Banks (RRBs) to use own funds and to NABARD for refinance to RRBs and Cooperative Banks.

Facts about Interest subvention scheme:
This scheme is been executed from 2006-07. Under this scheme the farmers can avail crop loans up to Rs.3 lakh at 7% rate of interest, which can be reduced to 3 % if prompt repayment of loan is paid.post harvest loans for storage is also available for 6 months for KCC holding small & marginal farmers. There have been a raise of short term crop  loan from Rs. 6,15,000 crore to Rs.6,22,685 crore in year 2016-17.

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