![Telangana Farm Loan Waiver Scheme Announcement Telangana Farm Loan Waiver Scheme Announcement](/sites/default/files/2024-07/Telangana%20Farm%20Loan%20Waiver%20Scheme%20Announcement.jpg)
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
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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.
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
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