Kisan Credit Card: There is good news for crores of farmers of the country. RBI has given a New Year gift to the farmers. Now farmers can take loan of higher amount without guarantee. The Reserve Bank of India has increased the loan limit for farmers without guarantee from Rs 1.6 lakh to Rs 2 lakh from January 1, 2025. This step has been taken to assist small and marginal farmers amid the rising costs of farming. The new directive asks banks across the country to waive collateral and margin requirements for agriculture and allied activity loans up to Rs 2 lakh for each borrower.
Crores of farmers will benefit
According to the Agriculture Ministry, this decision has been taken to address rising costs and improve credit access for farmers. “This measure will significantly benefit more than 86 per cent of small and marginal landholding farmers,” the statement said. Banks have been directed to expeditiously implement the guidelines and ensure wide awareness of the new loan provisions. . The move is expected to facilitate easier access to Kisan Credit Card (KCC) loans and will complement the government’s revised interest subvention scheme. Under this scheme, the government gives loans up to Rs 3 lakh at an effective interest rate of four percent.
Guarantee free loan of Rs 2 lakh
After this decision of RBI, now you will be able to take loan up to Rs 2 lakh without giving any mortgage. This increased loan limit will be applicable from January 1, 2025. With this, farmers will now be able to easily meet their farming costs. Let us tell you that under the PM Kisan Samman Nidhi Yojana, the Central Government also provides financial assistance of Rs 6000 to the farmer families every year. This amount is given in 3 installments of Rs 2 thousand each.
