SHILLONG: In what can be called a relief for the farmers in the state, who have been hit hard by the COVID-19-induced lockdowns, the government will now repay two per cent of loans to beneficiaries of Kisan Credit Card (KCC).
Informing this, state Agriculture Minister Banteidor Lyngdoh said that two per cent loan repayment is a package from the state government, which will be announced by Chief Minister Conrad Sangma, looking to finance those farmers who availed KCC loan.
The KCC provides short-term loans at an interest rate of four per cent on the condition of timely payment and the interest may be waived up to three per cent if the beneficiary repays the loan promptly. However, in case of late payment, the bank will charge an interest rate of 7 per cent on the loan amount.
The minister said that very less number of farmers have availed the KCC loan this year, which is otherwise around 40,000 beneficiaries. “We will check why are there less farmers availing the benefits of KCC”, Lyngdoh said.
Asked about loan waiver, he said that the farmers should be asked to repay the loan but not to hasten the procedure and the banks are not to charge additional interest in case of late payment.
“We can ask them to repay gradually but it is a hard decision for the government and the department to waive the loans”, Lyngdoh said.
When asked about the PM Kisan scheme, he said that over 1 lakh farmers have benefitted and are getting Rs 6,000.