‘Zero interest on crop loans up to `1 lakh’

Srikakulam: Crop loans target fixed for current financial year 2018-2019 at Rs 2, 712 crore for both kharif and rabi crops, Lead Bank district manager M Venkateswara Rao told The Hans India on Saturday. 

Regarding crop loan planning, he explained that farmers, who applied for loan, should explain the name of variety of crops which would be cultivated in both seasons initially at the time of submission of application. All the nationalised and private banks have to follow the target fixed by the Lead while sanctioning loans to farmers, he elaborated.

There is no need to pay interest up to Rs 1 lakh loan and Rs 0.25 paisa interest will be collected for above Rs 1 lakh and up to Rs 3 lakh, he explained. As per schedule, kharif loans sanctioning process was started in April and continues till September end and rabi loans will be sanctioned from October and concludes in February.