Farmers will get short-term crop loans of up to Rs 3 lakh at a lower interest rate of 7 per cent this fiscal with the government approving a 2 per cent interest subvention scheme. Also, farmers who would repay the loan on time will get the credit at more cheaper rate of 4 per cent. The interest subvention scheme is applicable for all farmers availing short-term crop loans up to Rs 3 lakh for one year. Government has set an agricultural credit target for banks at Rs 9 lakh crore for the current fiscal, up from Rs 8.5 lakh crore 2015-16.
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