Govt approves 2% interest subsidy for short term crop loans
The government today approved the Interest Subvention Scheme for 2017-18 under which it will give an interest subsidy of 2% per annum to farmers for short term loans of up to â¹3 lakh. Following this, farmers will effectively pay only 7% as interest. Additionally, prompt payee farmers would get an additional subsidy of 3%, effectively paying only 4% interest.