Banks located in the district of Mysore would now be granting crop loans to farmers at concessional interest rates for this fiscal.
The banks have decided to disburse loans worth Rs 707 crore to farmers.
More than 1,30,000 small as well as marginal farmers of the district would receive loans. For loans upto Rs 50,000 an interest rate of 3% would be levied on small and marginal farmers. According to Mysore deputy commissioner Harsh Gupta, the Karnataka Government has brought about a scheme to provide crop loans to farmers at 3% rate of interest.
However, only those farmers would be eligible for the loan who have repaid their earlier loans at the stipulated repayment period.
All commercial, grameen as well as cooperative banks would be disbursing such loans this fiscal.