The Indian government is making a continuous effort to increase farmers’ income. Subsidies are provided for every crop and loan processes are made easier for the convenience of farmers. Now the government has started a loan scheme where farmers can avail of up to Rs 50,000 in loans from the Punjab National Bank.
PNB shared more details about the loan scheme via Twitter, it’s called the Tatkal Loan Scheme. Under the scheme, farmers are given up to Rs 50,000 in loans without any guarantee needed and minimum document requirement.
Who can avail of the PNB Tatkal Loan Scheme?
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The loanee should be a farmer or tenant of agricultural land.
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Farmer or farmer groups who already have Kisan Credit Card (KCC) can enroll in this scheme.
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A bank record for the last two years is necessary to show.
A scheme with zero service charge:
Farmers won’t have to pledge anything to take out a loan via this scheme and neither would they have to pay any service charge. Farmers will be given a time period of 5 years to repay the loan.
Farmers who are interested in applying for the loan should visit the official website of PNB Bank or visit their nearest branch to apply.
Customers who are interested in this scheme should be aware that it is intended to address the funding requirements associated with business activity or expansion and is not accessible for the purchase and construction of real estate.
Commercial entities such as people, companies, partnerships with limited liability, cooperative societies, and trusts that are engaged in legal business activities are eligible for this loan. It should be noted that this loan is also available to GST-registered businesses that have submitted GST returns for at least a year.
