Agricultural Loan: The Reserve Bank of India (RBI) has increased the unsecured loan limit for farmers from Rs 1.6 lakh to Rs 2 lakh from January 1, 2025. This announcement of the Reserve Bank of India will benefit crores of farmers in the country.
Collateral-free Agricultural Loan: There is good news for crores of farmers in the country. The Reserve Bank of India has given a big gift to farmers for the New Year. The Reserve Bank of India (RBI) has increased the unsecured loan limit for farmers from Rs 1.6 lakh to Rs 2 lakh from January 1, 2025. This announcement of the Reserve Bank of India will benefit crores of farmers in the country.
2 lakh loan to farmers – This step is taken to help small and marginal farmers amid rising cost of farming. Let us tell you that, after the meeting of the Monetary Policy Committee of the Reserve Bank of India (RBI), the former governor of RBI Shaktikanta Das said that the Reserve Bank of India has increased the limit of collateral free agricultural loans, i.e. loans without any guarantee, to 2 lakh rupees. So far this amount was 1.60 lakh rupees.
40 thousand increase – Let us tell you that in 2010, RBI had set a limit of 1 lakh rupees for giving loans to the agricultural sector without any guarantee. Later in 2019 it was increased to 1.6 lakh rupees. Now again it has been increased by 40,000 rupees.
Farmers will benefit a lot – Ministry of Agriculture has said that this decision has been taken to improve access to loans and rising costs for farmers. The statement said, this move will greatly benefit over 86% small and marginal land holding farmers.
How to get a loan? – Farmers can go to any bank and apply for this choletrol free loan of up to two lakh rupees. For this, farmers will not have to pledge any kind of thing. However, they can apply for this loan only from 1 January 2025 and not earlier.
