Karnataka Coop Waiver Scheme 2024:The Karnataka government has decided to waive interest on medium and long-term overdue loans of District Cooperative Central and Primary Cooperative Agriculture and Rural Development banks, Chief Minister Siddaramaiah said on Friday, claiming that it would benefit more than 57,000 farmers.
The Karnataka government has decided to waive interest on medium and long-term overdue loans of District Cooperative Central and Primary Cooperative Agriculture and Rural Development banks, Chief Minister Siddaramaiah said on Friday, claiming that it would benefit more than 57,000 farmers. Presenting the 2024-25 budget in the Assembly, he said an Agriculture Development Authority will be created under the chairmanship of the Chief Minister to facilitate effective implementation of policies related to agriculture and allied activities.
Karnataka Coop Banks Loan Interest Waiver Scheme 2024
Our government has decided to waive off interest on medium and long-term overdue loans of DCC and Primary Cooperative Agriculture and Rural Development (PICARD) banks. This will benefit more than 57,000 farmers. As a result of this scheme, the DCC/ PICARD banks will be able to recover loans to the tune of Rs.496 crore,” Siddaramaiah said.
Siddaramaiah said that in 2023-24 it was decided to extend the loan limit for interest-free short term loan from ₹3 lakh to ₹5 lakh and, similarly, the upper limit for medium and long-term loans, which are provided at a subsidised interest rate of 3 per cent, was raised from ₹10 lakh to 15 lakh.
In the current year, the targeted lending through the cooperative sector is ₹27,000 crore, he said, adding that this would benefit more than 36 lakh farmers in the state.
Karnataka Cooperative Banks Loan Interest Waiver Scheme Details in Highlights
| Name of the scheme | Karnataka Coop Banks Loan Interest Waiver Scheme |
| Launched by | Karnataka government |
| Launched on | 16th of February 2024 |
| Objective | to waive interest |
| Benefit | to waive interest on overdue loans of district cooperative banks |
| Beneficiaries | Over 57000 farmers |
| State | Karnataka |
| Official Website | – |
Objective Of Karnataka Coop Banks Loan Interest Waiver Scheme
The main objective of the government Coop Banks Loan Interest Waiver Scheme launched in the state of Karnataka is to waive the interest charged on medium and long term loans taken by farmers from DCC and Primary Cooperative Agriculture and Rural Development (PICARD) banks and The loan limit for interest-free short-term loans for farmers is to be increased from ₹ 3 lakh to ₹ 5 lakh and the concessional interest rate is to be increased from ₹ 10 lakh to ₹ 15 lakh.
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
Process Of Karnataka Coop Banks Loan Interest Waiver Scheme 2024 Apply Online
Karnataka Coop Banks Loan Interest Waiver Scheme Apply Online has not been started yet, first, the official website for this scheme will be released, and after that, the step-by-step details of the entire process of applying are as follows.
- Visit the official release for the scheme.
- On the home page, click on the option of cooperative bank loan interest waiver.
- Now click on the link for the online application on the next page.
- Karnataka Coop Banks Loan Interest Waiver Scheme Application Form will open on the new page in which enter all the required details.
- Now upload all the required documents and click on the submit option.
- In this way, you will easily be able to Karnataka Coop Banks Loan Interest Waiver Scheme Apply Online.