Bhoomi Vikas Bank Tractor Loan Interest Rate: With the aim of developing the farmers in the country and increasing their income, the central and state governments together launch various schemes from time to time. In this context, the Rajasthan government has made a big announcement for all the farmers who have taken long-term loan from the bank for the purchase of tractor or other agricultural equipment under the Land Development Bank Tractor Loan Scheme, they will be given subsidy on the interest charged on the loan. With this, farmers will have to pay less interest and they will be able to easily repay their loans on time.
In such a situation, what is the long-term agricultural loan under Bhoomi Kisan Bank Tractor Loan Scheme, what benefits will the farmers get under this scheme and what percentage of grant will they get? We will provide you all the information related to this through our article for which you must read the article completely.
Who Will Get the Benefit of Bhoomi Vikas Bank Tractor loan?
At present, all the state governments are making many efforts to provide cheap loans to the farmers. Along with this, old loans of farmers have also been waived off in many states so that the problems faced by small and marginal farmers in repaying their old loans can be eliminated and they can again get loans from banks for agriculture. The Rajasthan government has announced an interest subsidy to provide relief to farmers on loans taken for the purchase of tractors or other equipment.
Regarding this, according to media reports, Cooperative Minister Uday Lal Anjana said on Friday that the state government has started a subsidy scheme of 5 percent interest rate for farmers taking long-term agricultural loans. With this, farmers who repay the loan on time will now be able to get loan at 5.15% interest rate, this scheme will be applicable on long term loans taken from Land Development Bank. This will help farmers to eliminate the problem of interest payment.
Now interest will have to be paid only at the rate of 5.15%
Let us tell you that regarding the scheme launched by the Rajasthan Government for the farmers, the Cooperative Minister said that all the farmers taking loan under the Bhoomi Vikas Bank Tractor Loan in the period from April 1, 2022 to March 31, 2023 will be eligible for the scheme. Will be able to get benefits. This loan is given at a long term agricultural loan interest rate of 10.15%. The benefit of this loan will be given only to those farmers who repay their loan on time, that is, the farmers who repay the loan will get the benefit of 5 percent interest rate subsidy from the state government.
The Interest Rates of the Bank are Lower Than Those of Commercial Banks.
Let us tell you that regarding Bhoomi Vikas Bank tractor loan, the Cooperative Minister of Rajasthan Government informed that the interest rates of this bank are the lowest compared to the interest given by any commercial banks. In such a situation, there are many farmers who need loans the most for agricultural purposes but due to the high interest rates on bank loans, they had to face problems in paying the interest. Now the Rajasthan government will provide 5% subsidy on the interest charged on farmers’ loans under Bhoomi Vikas Bank tractor loan.
What is Long Term Agricultural Loan?
Farmers need many important equipments in agriculture, through which they can earn better income by doing modern farming. For this, two types of crop loans are provided to them from the bank like emergency and long term loan by the cooperative bank. The first of these, emergency loan is a loan which is demanded by the farmers to buy fertilizers and seeds, pay wages and interest etc. This loan is given for a payment period of 6 months to 15 months. This loan is usually repaid after harvesting the crop.
Whereas the second long term loan is the loan which is given to the farmers for a period of more than 5 years. But many times farmers are not able to repay it, then the government provides the benefit of interest subsidy or loan waiver on such loans to the farmers. This will not increase the burden of non-payment of loans on farmers and they will be able to become debt free.
Know for which purposes you will get interest subsidy on taking loan
Under the Bhoomi Vikas Bank Tractor Loan Scheme, information about some agricultural works for which farmers will be given subsidy on taking loan is as follows.
- Farmers can take long term loan for agricultural land irrigation works like deepening of wells, new wells/tube wells, pump sets, sprinkler/drip irrigation, drain construction, diggi/tank construction, electrification.
- Dairy, purchase of agricultural land, construction of grain/onion warehouse, land reclamation, leveling, fencing/boundary wall of agricultural land, solar plant for agricultural work, green house, animal husbandry, purchase of camel/bull cart, cattle/goat/chicken/pig, Long term loans can be taken for agriculture related activities like vermi compost etc.
- At the same time, for purchasing agricultural mechanization work like tractor, agricultural equipment, combine harvester etc., long term loan can be taken from cooperative banks.
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FAQ’s Bhoomi Vikas Bank Tractor Loan Interest Rate
How much grant will be given to farmers on Bhoomi Vikas Bank tractor loan?
Farmers who repay their loan on time on Bhoomi Vikas Bank tractor loan will be given a subsidy of 5 percent interest rate.
What are the benefits of Bhumi Vikas Tractor Loan?
Under Bhumi Vikas Tractor Loan, farmers will have to pay lower interest rates compared to other banks. Also, farmers will be able to repay the loan on time without any financial problem.
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