Govt extends 3% PRI to farmers for crop loans
- Posted By
10Pointer
- Categories
Economy
- Published
4th Apr, 2020
-
- In the wake of lockdown due to ongoing Covid-19 pandemic, the Government has extended the benefit of 2% Interest Subvention (IS) to Banks and 3% Prompt Repayment Incentive (PRI) to all farmers upto 31st May 2020 for all crop loans upto Rs.3 lakh given by banks which have become due or are becoming due between 1st March 2020 and 31st May 2020.
- To address this problem being faced by farmers, an extension of Interest Subvention (IS) and Prompt Repayment Incentive (PRI) benefit upto 31st May 2020 on the short term crop loans upto Rs.3 lakh which are due upto 31st May 2020, shall help the farmers to repay such loans upto the extended period at 4% p.a. interest without attracting any penalty.
- Government is providing concessional crop loans to farmers through banks with 2% p.a. interest subvention to banks and 3% additional benefit on timely repayment to farmers thus providing loans upto Rs.3 lakh at 4% p.a. interest in timely repayment.
