The Chief Minister’s Krishi Rinn Yojana (CMKRY) is a scheme initiated by the Government of Arunachal Pradesh to support farmers in the state by providing them with zero interest crop loans. Under this scheme, the government offers an interest subvention of 4% on crop loans or Kisan Credit Card limits up to Rs. 3.00 lakhs, sanctioned by all banks during the current financial year. This interest subvention is provided over and above the subvention given by the Government of India to banks and farmers as per the policy circular issued by RBI/NABARD.
Additionally, farmers who promptly repay their short-term production credit (crop loan) within one year of disbursement or withdrawal can avail themselves of an interest relief of 3% per annum. In other words, farmers who take loans up to Rs. 3.00 lakhs and make timely repayments are eligible for the zero-interest credit facility. NABARD acts as the channel partner for reimbursement to banks regarding the interest subvention amount, as per the prescribed format outlined in a circular issued to all banks separately. The state government also issues a notification wherein a certificate of the cultivated area and crops being grown is issued by the Circle Officer, which is considered a valid document by banks for issuing Kisan Credit Cards to farmers.
- Zero interest crop loans provide financial relief to farmers and reduce their burden of interest payments.
- Easy access to formal credit through banking channels promotes financial inclusion for farmers.
- Timely repayments of crop loans enable farmers to avail themselves of interest relief, encouraging prompt repayment behavior.
- The scheme covers a wide range of farmers, including those availing Kisan Credit Cards or crop production loans from commercial banks, APRB, and APSCAB Ltd.
- The interest subvention provided by the Government of Arunachal Pradesh supplements the subvention given by the Government of India, increasing the overall benefit to farmers.
- NABARD’s role as a channel partner ensures efficient reimbursement to banks, streamlining the subsidy process.
- The scheme sets a target to cover 7500 farmers under crop loans, contributing to the agricultural development of the state.
- The scheme is applicable to farmers in the state of Arunachal Pradesh.
- Farmers who hold Kisan Credit Cards or avail themselves of crop production loans from commercial banks, APRB, and APSCAB Ltd are eligible for the scheme.
- The farmers should have a good repayment track record and promptly repay their short-term production credit (crop loan) within one year.
- The scheme is available for crop loans or Kisan Credit Card limits up to Rs. 3.00 lakhs.
- The farmers must fulfill the eligibility criteria and documentation requirements set by the banks.
- The scheme is open to both small and marginal farmers as well as large farmers in the state.
- The scheme does not apply to the production of perennial food crops or plantation crops.
- Farmers engaged in the production of excluded crops mentioned above are not eligible for zero-interest credit under this scheme.
- Non-farmers or individuals who are not actively engaged in agricultural activities are not eligible for the benefits of CMKRY.
Step 1: Visit the nearest branch of a participating bank.
Step 2: Collect the application form for a crop loan or Kisan Credit Card.
Step 3: Fill out the application form with accurate and complete details.
Step 4: Attach the necessary documents as specified by the bank, including identification proof, land ownership documents, income certificates, etc.
Step 5: Submit the completed application form along with the supporting documents to the bank.
Step 6: The bank will review the application, assess the eligibility, and process the loan request.
Step 7: Upon approval, the loan amount will be disbursed to the farmer’s account.
- Identification proof (Aadhaar card, Voter ID, PAN card, etc.)
- Land ownership documents or lease agreement
- Income certificates or proof of income
- Bank account details
- Passport-sized photographs
- Any other documents as specified by the participating bank