Telangana Crop Loan Waiver Scheme
Telangana Crop Loan Waiver Scheme
The Telangana Government has announced a scheme called Crop Loan Waiver Scheme for the farmers of the State. The project has been declared by the Chief Minister during the State Budget 2019-20. The proposed scheme waives off all agricultural term loans up to Rs. 1 lakh. In this article, we look at the Telangana Crop Loan Waiver Scheme in detail
Objective of the Scheme
The primary aim of the scheme is to waive off agricultural loans of the farmers up to Rs. 1 lakh.
Scheme Overview
The Telangana Government has proposed a scheme to waive off agricultural terms loans up to Rs. 1 lakh that are taken before the 11th December 2018. A sum of Rs. 6 crores has been allocated to implement this scheme. The Government is extending support of Rs. 4,000 per acre for each crop season that sums up to Rs. 8,000 per annum. According to the announcement made in the Budget, the Chief Minister has increased this support amount to Rs. 5,000 per acre for one crop. The total support in a year would be Rs. 10,000 per acre.
Features of Telangana Crop Loan Waiver Scheme
The major highlights of the scheme are mentioned here.
- Target beneficiaries of the scheme: The Telangana farmers are the beneficiaries of the proposed system. The farmers of the State will be financially assisted by the State Government.
- The amount allocated for the scheme: The previously assigned amount Rs. 4,000 per acre for a crop has been increased to Rs. 5,000 per acre for a crop. Due to this, the total expenditure has increased from Rs. 8,000 to Rs. 10,000 for a year.
- The budget allocation of the scheme: The state has declared a sum of Rs. 6 crores for the effective implementation of the project.
- The launch of the scheme: The scheme has been launched by the Chief Minister during the State Budget 2019-20.
- Eligibility criteria of the scheme: The scheme applies to all the farmers of the State, who have taken agricultural loans before the 7th of December 2018.
Eligibility Standards for Telangana Crop Loan Waiver Scheme
Given below are the eligibility criteria to apply for the scheme.
- The applicant has to be a resident of the state.
- Loans up to Rs. 1 lakh would be waived off by the Government. The term loans that were taken before 11th December 2018 are only considered.
- A certain amount will be given to the farmers depending on the crop and the acre of land. The amount varies depending on the annual income of the farmer.
Documents Required
The mandatory documents that a\have to be possessed by the applicant are given below.
- Residential Proof
- Aadhaar Proof
- Voter’s ID
- Ration card
- Income certificate
- Land records
- Bank account details
- Name of the candidate
- Account Number
- IFSC
Implementation of the Scheme
Effective implementation of the scheme helps develop the financial condition of the farmers. Once all the agricultural loans are waived off, the farmers would no longer have to suffer from repaying loans to the banks. The scheme enhances the welfare of the farming community of the State.
Application Procedure
The Telangana Government has recently launched this scheme. The officials have not declared any information regarding the application procedure of the plan. Once all the details are finalised by the government officials, eligible beneficiaries can apply for the scheme in the state portal.
