Lucknow: Uttar Pradesh cabinet on Tuesday approved a proposal to provide long-term loans to small and marginal farmers at a concessional interest rate under Mukhyamantri Krishak Samriddhi Yojana.Under the scheme, eligible farmers will be able to avail themselves of loans of up to Rs 6 lakh through Uttar Pradesh Cooperative Gram Vikas Bank Ltd at an annual interest rate of 6%. The loans will be available for a long tenure to meet agricultural and other rural requirements.The move is aimed at improving access to affordable institutional credit for small and marginal farmers, who, at times, face difficulties in meeting their agricultural investment and other rural financial needs.Govt expects the scheme to provide farmers with financial assistance at a relatively lower cost and strengthen their capacity to invest in agriculture and allied rural activities.
