Assam Zero Interest Crop Loan Scheme

June 24, 2021 | Last Modified: June 24, 2021 at 10:00 pm

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Assam Zero Interest Crop Loan Scheme 2022 : The state government of Assam has launched a new Zero Interest Crop Loan Scheme 2022 for the farmers in budget. In this scheme, the state govt. will provide 100% interest subsidy on agricultural loans for short term crops. Now farmers can avail a crop loan of up to Rs. 2 Lakh at 0% interest rates. Through the Zero Interest Crop Loan Scheme, the state government aims to encourage the farmers to avail loans against the backdrop of low credit flow in the state.

Assam Zero Interest Crop Loan Scheme

Assam has followed a multi-pronged approach for the development of formal agrarian credit. One major scheme in this regard has been the introduction of 100% interest subvention on agricultural loans on select short term crops up to a maximum of Rs. 2 lakh. CM take immense pride in informing the Assembly that 10,06,305 farmers with a cumulative total loan value of Rs. 5,978.73 crore have benefited from this scheme.

Under Assam Zero Interest Crop Loan Scheme, the state government would offer 100% subvention on interest of crop loans of upto Rs. 2 Lakh thus bringing the payable interest rate to zero. The 0 Interest Farm Loan Scheme aims to encourage the financial inclusion and increase the scope of expansion of credit flow to rural areas, particularly to the farmers. Zero Interest Crop Loans is possibly first such transformative intervention to drive agricultural loans and uplift rural economy.

Assam Government Schemes for Rural Development in Budget

Assam being primarily an agrarian economy, primacy of the rural economy and development of the agriculture sector is central to uplifting people out of poverty. One of the key enablers for driving the growth in this sector is the expansion of low cost institutional credit in parallel with the development of other necessary infrastructure.

Assam Farmers Credit Subsidy Scheme

Under AFCSS, Assam government decided to deposit 25% of the total amount repaid by the farmers or Rs. 25,000, whichever was less, per such account. A total of 1,39,130 farmers benefitted under the Assam Farmers Credit Subsidy Scheme. The state govt. has already released an amount of Rs. 164 crore for AFCSS Assam. This ambitious scheme has enabled farmers to access institutional credit all over Assam by de-clogging the credit flow. Also, this scheme has even upped the credit culture amongst the farmers.

Financial Incentives for Farmers Using Credit Card (KCC)

With a view to steer the growth of formal credit in the rural economy, Assam government initiated the activation of the hitherto inactive Kisan Credit Cards. To facilitate this process, a one-time cash incentive of Rs. 10,000 was given to each farmer for renewing their inactive Kisan Credit Cards. As a result, today the state boasts of having 11,82,640 active Kisan Credit Cards with a total outlay of Rs. 48.16 crore in the form of one time incentives which has been received by our farmers in the year 2018-19

CM Samagra Gramya Unnayan Yojana

Chief Minister’s Samagra Gramya Unnayan Yojana is one of the most ambitious multi-sectoral schemes of our Government which aims to double our farmers’ income within a period of 5 years. For this, a mega mission society was convened with a governing council chaired by our Hon’ble Chief Minister. For the benefit of our Agriculture sector, under the Chief Minister’s Samagra Gramya Unnayan Yojana, Assam govt. distributed 9,135 Tractors with a total expenditure of Rs. 454.53 crore.

For the financial upliftment of the youths of our State and to make them self employed, Assam govt., through the ‘Ghare Ghare Pukhuri Ghare Ghare Maach’ scheme under the Fisheries vertical of the Chief Minister’s Samagra Gramya Unnayan Yojana, provided training to beneficiaries and in parallel distributed Rs.60 lakh to them to initiate them into pisciculture as a means of livelihood.

Assam Adarsh Gram Yojana

Assam govt. had also announced another important scheme, namely Assam Adarsh Gram Yojana, to transform rural Assam. Although this scheme could not take off due to the CAA protests followed by the Covid-19 crisis, govt. has already made the financial resources for implementation of this scheme with the field level functionary. With the support of our Hon’ble MLAs and the Deputy Commissioners, Assam govt. will implement this scheme in the years to come.

Check more details through the official website of Finance Ministry of website or through https://finassam.in/budget_documents/