Yeddyurappa’s Big Gift to Farmers of the State: Rs 3 Lakhs loan with zero Interest rate

Bengaluru: Chief Minister BS Yeddyurappa has given a big gift to farmers in the state who are suffering from corona virus infection. They have offered short term loans to the state farmers at zero interest rate up to Rs 3 lakh.

Despite the onset of monsoon, farmers are in dire straits due to corona infection. It is against this backdrop that the state government has announced short-term agricultural loans of Rs 3 lakhs at zero interest rates for farmers. But farmers who have borrowed more than Rs 3 lakh have to pay regular interest rates.

Also, the interest rate on the loans received up to April 1, 2019 has been fully waived. But this will only apply to loans obtained through cooperatives. Yeddyurappa also announced that non-agricultural borrowers cannot avail of the scheme.

Yeddyurappa has announced that 25 per cent new loans will be given to new farmers, while 24.10 per cent of the new loan is mandatory for Scheduled Caste and Scheduled Tribes farmers.

The state government has helped farmers suffering from corona virus loans at zero interest rates. It has also been instructed to submit a report on lending to the State Government every 3 months.