UP Farmers Interest Waiver Scheme for Loans from Cooperative Banks

UP Interest Waiver Scheme for Loans of Farmers from Cooperative Banks

UP Farmers Interest Waiver Scheme: The Yogi Adityanath government has announced to launch the new Loan waiver scheme in UP for benefiting the Farmers of the state. As per the new statements made it is obvious that the state government aims at offering with loan waiver scheme for farmers of the state where they may not have to pay pending loan amounts. The scheme i.e. UP Interest Waiver Scheme has been implemented for farmers valid till 2017 March 31^st for farmers who might have taken loan benefit.

UP Farmers Interest Waiver Scheme Launch details

The new scheme has been planned for implementation by the State government of Uttar Pradesh under leadership of State Chief Minister Yogi Adityanath. The new scheme will be implemented for budget session 2017-18. The state government has also announced that the scheme will be launched in phases in 2018.

Key Features of UP Farmers Interest Waiver Scheme

• As per the new statements the new scheme is a type of loan interest waiver scheme where farmers will be offered with benefit. So any farmer in the state who has taken a loan benefit under the scheme by state government till 31^st March 2017 will be offered with benefit.
• The benefit shall be offered by Rural Cooperative bank of the state. The state government has also stated that the scheme will work in accordance with the Kisan Karz Mafi Yojana and Farm Loan Waiver Scheme for 2017.
• The new scheme will be introduced by the government for one time for farmers in stages. It is also expected that over 263510 farmers will be benefited under this scheme.
• The scheme will also benefit the farers who have a loan amount equaling to 2542.43 crores. Apart from this the scheme will also offer benefit to farmers who are just not able to make payments of loan interest or amount due to lack of money. Earlier the scheme also offered benefit to 86 lakhs farmers of the state.
• The present government is also considered as government favoring farmer of the state and to improve their life style.

UP kisan Karz Rahat Yojana

As for the current stats the amount of Rs 2542.43 is still pending on farmers as interest and an overall 1025.52 crore as principal. The overall interest is Rs 1503.91 crore in the state. The new scheme is expected to waive off this amount from the farmers account by 2018 under the UP Interest Waiver scheme 2018. The scheme will also offer with benefit to over 2.63 lakh farmers of the state (marginal and small).

• Any farmer who has taken a loan till 1997 March 31^st all interest amount will be waived off by the government.
• For farmers who have taken a loan by 31^st March and 1^st April between 1997 and 2007 all interest amount will be waived off in case the interest is more than principal.
• For farmers taken loan between 31^st March 2012 and 1^st April 2007, 50 percent interest amount will be waived off.

The new scheme has been launched to benefit farmers so they don’t have to face debt crises from money lenders.

Loan Waiver Scheme Details for Previous Year

As clear the scheme had benefited over 86 lakh farmers in the state. The benefit was offered under karz mafi yojana. A total of Rs 36359 crore amount has been calculated as Outlay and most of it has already been waived off by the UP government.