Krishak Udhyami Loan Yojana in MP | Farmers Entrepreneur Loan Scheme in Madhya Pradesh

 

Krishak Udhyami Loan Yojana in MP | Farmers Entrepreneur Loan Scheme in Madhya Pradesh

Chief Minister of Madhya Pradesh has announced the launch of Entrepreneur scheme for farmers in the state. The scheme is termed as Krishak Udhyami Yojana. Under the scheme the state government aims at offering financial assistance as loan to farmers children’s. Under the scheme it is certain that farmers can get financial assistance up to Rs Crore at the rate of 15 percent grant.

Krishak Udhyami Loan Yojana in MP

Launch Details

  • The new scheme was launched by the Chief Minister of the state Mr. Shivraj Singh on 13th August 2017.
  • The scheme was launched to offer financial assistance to daughters and sons of the farmers in the state.
  • The government has announced that the loan assistance will be offered to the farmers via selected banks across the state.
  • The scheme will be supervised by government centers established across the state.

Eligibility Criteria

  • To be eligible for the new scheme it is certain that the applicant has to be a resident of the Madhya Pradesh state by birth.
  • To take full benefit of the scheme it is certain that the applicant needs to be the daughter or son of the state’s farmers.
  • In order to get the loan facility the sons and daughters of the farmers should be minimum of 18 years of age at the time of application.

Loan criteria and interest rate rules

  • According to the latest updates it is certain that the state government has announced that it shall be providing with loan equivalent to Rs 10 lakhs up to Rs 2 crore.
  • The loan amount will be offered to daughters and sons of the farmers in the state of MP on the basis of bank interest rates.
  • The interest will be charged on the loan amount for a period of five years from the date of disbursement of the loan amount.
  • The state government has also announced that the loan amount will be offered with a grant of 5 percent and 15 percent for daughters and sons on the set interest rate.
  • All pending cases will also be cleared by the state government within 3 months time period and there will be relaxation offered to the applicant on rate of interest as well.
  • Apart from this the youth will also be offered with a grant equivalent to around 40 percent in case the loan amount is equivalent to Rs 25 lakhs.
  • The state government will also set up various bank branches to help ease the process of loan application for the farmers.
  • The state government will set up centers for processing farmers produce so they can get their produce cleaned and graded and claim for better price.
  • To ease the process of loan processing the state government shall be establishing over 1000 processing centers within the state.
  • Under the new introduced scheme the government will ensure that farmers get better price for their yield and not low price from the mandis.
  • The government has also made it very clear that in case any farmer faces delays in purchase of produce then the bank shall provide with the financial assistance to the farmer in his bank account after evaluating the loss.

Time of period of the loan repayment

As stated by the government officials it is certain that the farmers will be offered with a moratorium period of five years for the repayment of the loan amount. This period will be valid from the date of disbursement of the loan amount.

Registration process

Presently no information regarding registration has yet been disclosed by the government. It is certain that government has to publish information related to registration process officially on the website.

Conclusions

The state government of Madhya Pradesh has made it very clear that with the launch of the new scheme the farmers in the state can get full benefit for their produce.

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