Karnataka Coop Banks Loan Interest Waiver Scheme 2024: Beneficiary List Check

Karnataka Coop Banks Loan Interest Waiver Scheme:- On medium- and long-term past-due loans from District Cooperative Central and Primary Cooperative Agriculture and Rural Development banks, the Karnataka government on 16th of February consented to waive interest. Over 57,000 farmers will profit from this. Through this programme, the DCC and PICARD banks will be able to recoup debts totalling Rs. 496 crores. Read the article below to learn more about the Karnataka Cooperative Banks Loan Interest Waiver Scheme.

Karnataka Coop Banks Loan Interest Waiver Scheme 2024

Karnataka Coop Banks Loan Interest Waiver Scheme 2024

To enable the efficient implementation of policies about agriculture and related activities, the Chief Minister will chair the establishment of the Agriculture Development Authority. The government has decided to eliminate interest on medium- and long-term past-due loans from banks that specialise in Primary Cooperative Agriculture and Rural Development (PICARD) and DCC.  

Seva Sindhu Application Status  

Karnataka Cooperative Banks Loan Interest Waiver Scheme Details in Highlights

Name of the schemeKarnataka Coop Banks Loan Interest Waiver Scheme
Launched byKarnataka government
Launched on16th of February 2024
Objectiveto waive interest
Benefitto waive interest on overdue loans of district cooperative banks
BeneficiariesOver 57000 farmers
StateKarnataka
Official Website

Objectives of Karnataka Coop Banks Loan Interest Waiver Scheme

The scheme would result in a significant improvement in these banks’ financial condition. The scheme is launched to ensure that agricultural policies are implemented effectively so for this purpose the Agriculture Development Authority will be established. The interest on medium- and long-term past-due loans from DCC and Primary Cooperative Agriculture and Rural Development (PICARD) banks would be waived, according our government’s decision. More than 57,000 farmers stand to gain from this. The DCC/PICARD banks will be able to recover loans totalling Rs. 496 crore as a result of this initiative.  

Karnataka Crop Loan Waiver Status

Features of Karnataka Coop Banks Loan Interest Waiver Scheme

Following are the features of the Loan Interest Waiver Scheme

  • It was decided to boost the upper limit for medium- and long-term loans, which are given at a subsidised interest rate of 3 per cent, from Rs 10 lakh to Rs 15 lakh in 2023–24.
  • Similarly, the lending ceiling for interest-free short-term loans was extended from Rs 3 lakh to Rs 5 lakh.
  • It would provide almost 57,000 farmers an advantage.
  • The Agriculture Development Authority will be established to guarantee the efficient implementation of agricultural policy. 
  • The cooperative sector is targeting loans of Rs 27,000 crore this year, which will help over 36 lakh farmers in the state.

Benefits of Karnataka Coop Banks Loan Interest Waiver Scheme

Following are the benefits of the Loan Interest Waiver Scheme

  • It would provide almost 57,000 farmers with a benefit.
  • Under the plan, the government will compensate the banks with a financial support of Rs 450 crore.
  • This decision will bring about a considerable improvement in the financial condition of these banks.
  • To enable the efficient implementation of policies pertaining to agriculture and related activities, the Chief Minister will chair the establishment of the Agriculture Development Authority.
Documents Required

Following are the documents required for the Loan Interest Waiver Scheme

  • Aadhar Card
  • Phone number
  • Bank account number
  • Other details

Karnataka Ganga Kalyana Scheme

Eligibility Criteria for Karnataka Cooperative Banks Loan Interest Waiver Scheme

Following are the Eligibility criteria for the Loan Interest Waiver Scheme.

  • The applicant must be the resident of Karnataka.
  • People who have overdue loans of district cooperative banks are eligible for this scheme.

Application Process of Karnataka Coop Banks Loan Interest Waiver Scheme

Follow the steps below to apply for the scheme.

  • Go to the official website of the scheme.
  • The home page of teh website will appear on the screen.
  • Select the Coop Banks Loan Interest Waiver Scheme option.
  • A new page with an application form will appear.
  • Enter the required details
  • Click on the submit option.

Leave a Comment