One-time settlement scheme: Farmers will get a 100% rebate on outstanding interest, know eligibility and criteria

Good News for Farmers, One-time Settlement Scheme Announced

The Haryana government is running numerous schemes for the overall development of the state's farmers as well as to fill farmers' pockets with agricultural products.

The Haryana government has recently announced the launch of a programme to help farmers in the state get out of debt. Haryana One Time Settlement Scheme is its name.

The Haryana government will provide a 100% interest rebate to loaner farmers or members of the state's District Agriculture and Land Development Bank under this scheme. Under this scheme, the loaner farmers or members of the District Agriculture and Land Development Bank will receive an interest rebate on deposits of the outstanding principal until March 31, 2022, on the one-time settlement of the loan.

A 100% Discount will be given

Farmers who take out all other loans will receive a 50% interest rebate under this scheme. Their fine, interest and other costs will be waived as well. This scheme will be applicable to all types of bank loans. The Khattar government announced that the scheme would be launched on August 5, 2022.

This scheme has been launched for all loaner farmers and members of District Agriculture and Land Development Banks, District Primary Co-operative Agriculture and Rural Development Banks, and District Primary Co-operative Agriculture and Rural Development Banks.

“According to the plan, if a farmer passes away, his heirs would be entitled to a 100 percent interest rebate on the repayment of any outstanding principal up until March 31, 2022, on the payment of a lump sum loan. In addition, the fine, interest, and other fees will not be charged.”

“In addition, 50% of all loaner farmers' outstanding interest as well as penalty interest and other costs will be waived. He said that because of the many benefits, "the state government is optimistic that a large number of farmers will take advantage of this scheme."

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Features of One-time Settlement Scheme

• All loaner farmers and members who have been declared defaulters by the state's District Agriculture and Land Development Banks and District Primary Cooperative Agriculture and Rural Development Banks will benefit from this scheme.
• If the farmer dies, his successor will receive a 100% rebate on the outstanding interest until March 31, 2022, upon payment of a lump sum loan.
• Other loaner farmers will receive a refund of 50% of their outstanding interest.
• Under this scheme, 73648 loaner members of the state's 19 District Primary Co-operative Agriculture and Rural Development Banks will be encouraged to repay a loan of Rs 2070 crore.
• This scheme will benefit both defaulting farmers and the government.

How to Apply for the Programme

• According to the scheme, the loan holder can take advantage of this scheme if the bank declares him a defaulter on March 31, 2022. This plan is only for a limited time.
• In such a case, the eligible farmer has obtained all necessary documents such as an Aadhar card, loan-related documents, income certificate, a residence certificate, the death certificate of the deceased farmer, bank account details, a passport-sized photo, and a mobile phone number, among others.
• You can get in touch with the branches.                                                                                           

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