Maharashtra has extended interest-free crop loan limit to Rs 1 lakh

By Pradeep Yuvaraj | September 1, 2011

A recent press report said that Maharashtra Government has planned to extend the crop loan limit to Rs. 1 lakh from Rs 50,000 earlier under zero per cent interest rate scheme. Reports said that the decision was taken at the weekly Cabinet meeting chaired by Chief Minister Mr. Prithviraj Chavan. He said that the extension of the limit will help 32 lakh farmers in the state.

He added saying that under Dr Punjabrao Deshmukh Crop Subsidy Scheme, farmers got crop loan up to Rs 50,000 at zero per cent interest, while loan up to Rs 3 lakh attracted 2 per cent rate. Now farmers availing crop loans up to Rs 1 lakh will not have to pay any interest.

Mr. Prithviraj Chavan said that there will not be any change interest of Rs 3 lakh loan. He said that a provision of Rs 1.24 crore has been made for this purpose. He also mentioned that sugarcane production had increased in 2009-10 because of good rains in October and November, leading to the extension of crushing season till June 2010.

The official reported that the heavy rains in Solapur, Satara and Pune districts during the crushing season caused problems for sugarcane cutting and transportation.

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About Pradeep Yuvaraj

Pradeep Yuvaraj is a Co-Founder and Director at Finerva Financial Solutions Private Limited, a financial education company focused on personal finance education. He has penned over 250 articles relating to Personal Finance and clocked over 500 hours of educating individuals on managing personal finance. He is a serial entrepreneur and has been associated with 7 Start-ups. His entrepreneurial experience spans industries as varied as Education, Gas Engineering, Automobile Design, Software development and more recently a Pure play presentation design company. Prior to turning entrepreneur in 2005, he has worked for 3 of the top ten companies of the world - Shell, ExxonMobil and Total SA. This experience included handling Branch Operations, Channel Sales and Business Development across 5 states over a period of 8 years. He holds an MBA from Symbiosis and an Electronics Engineering Degree from the University of Pune.

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