Telangana Farm Loan Waiver Scheme

Submitted by pradeep on Tue, 23/07/2024 - 15:44
Telangana CM
Scheme Open
Telangana Farm Loan Waiver Scheme Announcement
Highlights
  • Telangana government has announced a farm loan waiver scheme to waive off the farm loans, where :-
    • Farmers with loans up to Rs one lakh will receive a waiver fund of Rs lakh in their bank account.
    • Loans up to Rs 1.5 lakh and 2 lakh will be waived off by July and August, respectively.
Customer Care
  • Telangana Agriculture Department Helpline Number :- 040-23383520
Overview of the Scheme
Name of the Scheme Telangana Farm Loan Waiver Scheme
Launch Date 16 July 2024.
Benefits Farm loans up to Rs 2 lakh waive off
Beneficiary State Farmers.
Nodal Department Department of Agriculture, Telangana.
Subscription Subscribe here to get Update Regarding Scheme
Mode of Apply Applicants are not required to submit applications for Telangana Farm Loan Waiver Scheme.

Introduction

  • There are a number of farmers in the state who have taken agricultural crop loans from various banks.
  • Due to various factors, farmers are not able to repay these loan, which increases debt and is also the major cause of suicide.
  • Considering the plight of the farmers and to give them a respite from this extra financial burden, the state government has announced a beneficial scheme for them.
  • The Telangana government introduced a Farm loan waiver scheme for state farmers.
  • The primary objective of the scheme is to waive off farmers' agricultural loans taken from the respective nationalized banks.
  • While announcing the Farmer loan waiver scheme, the Chief Minister stated that the farmers with a crop loan up to Rs 2 lakh are eligible for this scheme.
  • Whereas, farmers with loans more than two lakh rupees are not eligible.
  • Around 70 lakh farmers are likely to benefit with the announcement of Telangana farm loan waiver scheme.
  • For this, the government outlay a budget of Rs 31,000 crore.
  • Loan waiver benefits will be processed in phase wise manner.
  • In the first phase, the government will release loan waiver funds to 11 lakh farmers who had a loan up to Rs 1 lakh.
  • These waivers funds up to Rs 1 lakhs will be credited to farmers bank account and will be settled therein.
  • In the first phase, the government has already credited Rs 6,098 crore to waive off farmers crop loans up to Rs one lakh.
  • In the second phase, crop loans up to Rs 1.5 lakh will be settled by July end.
  • Whereas crop loan up to Rs 2 lakh will be waived off by August 2024 in third phase.
  • Agriculture department of Telangana is the nodal department of the scheme who has the responsibility to check its implementation across the state.
  • To waive off the farmer crop loans, the government has notified that ration cards will be accepted as a proof of their identity.
  • However, farmers not possessing ration cards are also eligible for the waiver, and their land passbook will be considered as a proof of their identity.
  • To avail the benefits of Telangana farm loan waiver scheme, farmers are not required to submit an application.
  • However, farmers need to present their required documents to the concerned bank from where they have taken the loan.

Benefits of Scheme

  • Telangana government has decided to waive off the farm loans, where farmers will receive the following benefits :-
    • Waiver funds of Loans up to Rs 1 lakh will be credited to farmers account.
    • Loan up to Rs 1.5 and 2 lakh will be waived off by end of July and August respectively.

Eligibility Criteria

  • To receive the benefits of the Telangana Farm Loan Waiver scheme, farmers must fulfill its eligibility criteria which are given as :-
    • Farmers must be native citizens of Telangana.
    • Loan should be taken for agriculture purposes.
    • Loans up to Rs 2 lakh will be waived off.

Telangana Farm loan waiver scheme details

Documents Required

  • Farmers need to produce their following documents to receive the benefits of the scheme :-
    • Ration Card.
    • Loan issuance documents.
    • Identity proof.
    • Land Passbook.

How to apply

  • Farmers with a crop loans up to Rs 2 lakh are going to receive benefit from the Telangana Farm Loan waiver scheme.
  • However, farmers are not required to submit applications for the Telangana Farm Loan Waiver scheme.
  • The government will provide the loan waiver funds to farmers bank account who had a loans up to Rs 1 lakh.
  • For other farmers, their loans will be waived off directly by the bank from which they took the loan.
  • Farmers can reach out to their bank and for confirmation about the loan waiver.

Important Link

Contact Details

  • Telangana Agriculture Department Helpline Number :- 040-23383520
  • Ground Floor, D-block
    Fathe Midan, Basheer Bagh
    Near Nizam College
    Basheer Bagh
    Hyderabad
    Telangana 500001
Person Type Scheme Type Govt

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