Farmers are facing many problems due to the worldwide covid-19 lockdown. The products of farmers and the amount they get in return are getting badly impacted by it. Thus, farmers are facing a lot of financial crisis. Now, in this regard a big decision has been taking by the central government. They tried to provide some relief to the farmers on the debt arrears.
KCC Loan: Big Relief by Government to Farmers
The government has stopped the EMI payment for short time loans by farmers for the crops till May 31 at present. Farmers can simply fill EMI loan after the opening of lockdown. Adding to it, the Centre has said that farmers will not have to pay any penalty of any kind for late payment.
Kisan Credit Card Loan: These Farming Shops will get Discounts
To avoid the negative impact of the lockdown on agriculture, the central government has given permission to the farmers to open some essential shops for farming. So that the farmers do not fall short of agricultural related things such as fertilizer shops, pesticides and seeds store etc.
Kisan Credit Card Loan: 1.60 lakh loan for farmers without guarantee
The government is also providing Kisan Credit Card (KCC) under the Pradhanmantri Samman Nidhi Yojna (PM-Kisan Scheme). With the help of these KCC, farmers will be able to get one and a half lakh loan from the bank without any guarantee. It will give relief to farmers in their economic problem amid this pandemic. It is to be noted that, farmers get a loan of up to Rs 3 lakh at an interest rate of 4%. Through this KCC, the central government has decided to give loans up to Rs 1.60 lakh without guarantee to make the farmers financially strong.
