Kisan Credit Card: Numerous welfare programs are being implemented by the federal government for the benefit of farmers. Additionally, there is a scheme for loan waivers targeted at farmers. The Central Government is implementing this program to offer assistance to farmers who are deeply in debt.
Government forgives loans of up to Rs 1 lakh for farmer
In this program, the government forgives loans of up to Rs 1 lakh for farmers who borrow using KCC cards. The latest update from the Uttar Pradesh government led by Yogi Adityanath brings significant news about the program. The latest update is that the UP government has raised the figure from 1 lakh to 2 lakh. Small-scale and smallholder farmers can benefit from the loan forgiveness program.
Who are eligible to submit an application?
Individuals who are 18 years old and work in agriculture are eligible to submit an application. The recipient’s yearly earnings must not exceed 300,000. Simultaneously, the application is exempt from paying any income tax. Only a single individual per family is permitted to submit an application for this program run by the federal government. Only those farmers listed for the loan waiver will be able to take advantage of the program. Various states have distinct provisions under the farmer loan waiver program.
Madhya Pradesh government has forgiven all the debt of farmers
Several states have declared that they will forgive all the debts of the farmers. If a loan was obtained for farming purposes through either a bank or a Kisan Credit Card, it is possible for farmers’ loans to be forgiven. The Madhya Pradesh government has forgiven all the debt of farmers.