Over the last couple of decades, governments have tried to go out of the way and help the deteriorating situation of farmers across the country. Agriculture is a pivotal aspect of the Indian economy which is primarily agrarian in nature. When the farmers suffer, the national economy on the whole suffers, and this is not a situation the government likes to be in.

To bring respite to the farmers in the state of Assam, the state government of Assam has announced the Assam zero Interest crop loan scheme for 2021.

About the Zero Interest crop loan

Farmers usually find their means of income to be sporadic and unpredictable in nature. This leads to uncertainty and we are all aware of how it impacts the proper functioning of a house and making ends meet. 

To enable farmers to keep their finances stable and to not pressure them under the crushing debt they manage to accrue over time, the state government of Assam announced the Zero Interest loan – an agricultural loan offered to farmers which would provide 100% subsidy to farmers. 

Generally, the more known outlook farmers hold regarding loans is that loans have higher interest margins which make matters worse. They, therefore, resort to financial solutions from local money lenders who often have nefarious intentions written in fine print, much to the dismay of uneducated farmers.

With the implementation of zero-interest loans, more farmers in the state of Assam will now be encouraged to take loans and tend to their needs.

Impact of the scheme

The total number of farmers said to benefit from the implementation of the scheme will be about 1,39,130 and this has enabled farmers to get credit for farming and also has provided 100% subsidy on loans.

The implementation of the scheme brings about a paradigm shift in the psyche of farmers who will not refrain anymore from reaching out to banks for financial respite. 

It also, in the long run, encourages credit culture among farmers and this will further lead to the overall development of the state. To enable further development, the Assam state government has announced some more schemes to further the overall cause. 

Benefits of the scheme

Eligibility criteria for the scheme

Summing it up

Farmers usually find it hard to get by, as weathers and fluctuating market prices take a direct toll on their income, and then there’s the pressure of paying loans back. Now, with the implementation of this scheme, farmers in Assam can breathe easy and pursue their activities without any financial sword looming over their heads.