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Farmers told to renew crop loans
Local Andhra Bank Zonal Manager V Venkateshwar Rao said here on Saturday that with the monsoon on farmers should renew their crop loans and secure higher amounts on the basis of scale of finance.
- Fresh credit of below Rs.1 lakh at zero interest: Nizamabad Andhra Bank Zonal Manager V Venkateshwar Rao
- For Rs.1 lakh to Rs.3 lakh concessional rate of interest (pavala vaddi) to be charged
Nizamabad: Local Andhra Bank Zonal Manager V Venkateshwar Rao said here on Saturday that with the monsoon on farmers should renew their crop loans and secure higher amounts on the basis of scale of finance. He told the media that by renewing the crop loans within one year ryots could get fresh credit of below Rs.1 lakh at zero per cent rate of interest. In the case of those opting for credit ranging from Rs.1 lakh to Rs.3 lakh concessional rate of interest (pavala vaddi) would be charged.
Rao revealed that farmers renewing their crop loans by July 31 could be enrolled under the newly introduced PM Fasal Bhema Yojana. Their premia would be paid by banks to the companies through their bank accounts.
In the case of those opting for cotton and those who have secured Andhra Bank loans in Nizamabad and Medak districts payment of insurance premia has been entrusted to Reliance Insurance.
The ZM manager said farmers seeking fresh crop loans could also approach the nearest Andhra bank branches for renewing their loans. He advised farmers to renew their loans without waiting for the third installment of loan waiver. The amounts would be deposited in their banks accounts as soon as the government approved the loan waiver.
He said farmers who have defaulted in repayment of loans and facing non-recoverable dues could opt for one-time settlement before June 30, in consultation with their local Andhra Bank managers.
