Reserve Bank - Aadhar card mandatory for subsidy on interest for agricultural loans
Posted on: 17/Aug/2017 9:18:11 PM
The Reserve Bank of India has announced that Aadhar card is mandatory to obtain the subsidy on agricultural loan interests taken by the farmers.
RBI has announced that the farmer can get short-term loans of up to Rs. 3 Lakhs at the interest rate of 7% and if the loan is repaid as scheduled, the interest rate will be reduced by 1%.
If the crops are damaged by natural disasters, there will be a 2% concession on the interest rate for the loan.
The Reserve Bank of India has insisted that these short-term loans at lower interest rates must be given only to the qualified and eligible candidates and hence all related details must be fully obtained before processing the loan.
RBI has asked the banks to link Aadhar card with these loans in order for the farmers to get the loan in an easier and quicker process without any problems.
