There is good news for farmers. They can now easily take a loan of up to Rs 2 lakh from the bank without any guarantee. The Reserve Bank of India (RBI) has announced this measure to provide relief to farmers amidst rising inflation. Currently, the loan limit is Rs 1.6 lakh. In a statement regarding the monetary policy review on Wednesday, RBI Governor Shaktikanta Das informed that considering inflation and the rising cost of raw materials used in agriculture, the limit for guarantee-free agricultural loans has been increased from Rs 1.6 lakh to Rs 2 lakh.
Small Farmers to Benefit the Most
RBI Governor stated that this move will significantly benefit small and marginal farmers by providing them with better access to loans from banks. It is worth noting that in 2010, the RBI set a limit of Rs 1 lakh for agricultural loans without any guarantee, which was later increased to Rs 1.6 lakh in 2019. RBI also mentioned that a circular regarding this decision will be issued soon.
RBI ने किसानों को दी बड़ी सौगात, बिना गारंटी के मिलेगा 2 लाख का लोन
यहां पढ़ें पूरी खबर- https://t.co/iNfJygvmdc#RBI #Farmers #Loan #TV9Card pic.twitter.com/aYPt888AiB
— TV9 Bharatvarsh (@TV9Bharatvarsh) December 6, 2024
Growth Rate Estimate Revised
In the fifth bi-monthly monetary policy review, the Reserve Bank of India (RBI) kept the repo rate unchanged at 6.5% for the 11th consecutive time. At the same time, RBI revised its economic growth rate estimate for the current year, reducing it from 7.2% to 6.6%. Additionally, the retail inflation forecast has been raised to a range of 4.5% to 4.8% for this financial year. RBI Governor Shaktikanta Das shared these decisions following the three-day meeting of the Monetary Policy Committee (MPC).
How Farmers Can Apply for Rs 2 Lakh Loan Without Guarantee: A Quick Guide
- Visit Your Bank – Go to a bank offering agricultural loans.
- Check Eligibility – Ensure you’re a small or marginal farmer.
- Prepare Documents – Gather ID proof, address proof, land documents, and farming activity proof.
- Fill Out the Application – Complete the loan application form provided by the bank.
- Submit Documents – Provide the necessary documents for verification.
- Loan Processing – The bank will process your application.
- Approval & Disbursement – Once approved, the loan will be credited to your account.
- Repayment – Understand the repayment terms and schedule.
Here are some of the best loan schemes available for farmers
| Loan Scheme | Offered By | Purpose |
|---|---|---|
| Kisan Vikas Patra (KVP) | India Post | Investment scheme doubles money in fixed tenure |
| Kisan Credit Card (KCC) | Public Sector Banks (e.g., SBI, PNB) | Short-term credit for agricultural expenses |
| PM Kisan Samman Nidhi (PM-KISAN) | Government of India | Annual income support of ₹6,000 to farmers |
| Agricultural Term Loans | Banks (e.g., HDFC, ICICI, Axis) | Long-term loans for buying equipment, land development |
| MGNREGA | Government (through local Panchayats) | Provides employment and wage support for rural farmers |
| NABARD Loans | NABARD | Crop loans, microfinance, and infrastructure loans |
| Crop Loans | Banks (e.g., SBI, Bank of Baroda) | Short-term loans for seasonal farming expenses |
| Farmers Welfare Fund Loan | Public Sector Banks (e.g., SBI, PNB) | Loans for farmer welfare and development |