Tamil Nadu Chief Minister C. Joseph Vijay revealed a significant crop loan waiver scheme for farmers who borrowed from cooperative banks, aiming to aid small and marginal farmers in the state. The announcement was made during a high-level review meeting at the State Secretariat in Chennai, chaired by the Chief Minister. The government introduced a structured loan waiver package to alleviate the financial burden on small and marginal farmers struggling with agricultural debt.
The scheme entails a complete waiver of outstanding amounts for marginal farmers with crop loans up to Rs 50,000 from cooperative banks. Loans falling between Rs 50,001 and Rs 60,000 will receive a waiver of Rs 40,000, while those between Rs 60,001 and Rs 70,000 will get Rs 30,000 waived. Farmers with loans ranging from Rs 70,001 to Rs 80,000 will receive a relief of Rs 20,000. Loans between Rs 80,001 and Rs 1 lakh will have Rs 10,000 waived, and loans above Rs 1 lakh will get Rs 5,000 waived.
Additionally, small farmers will benefit from the scheme with a 50% waiver on crop loans up to Rs 50,000. Loans between Rs 50,001 and Rs 60,000 will receive a waiver of Rs 20,000, while those between Rs 60,001 and Rs 70,000 will get Rs 15,000 relief. Loans ranging from Rs 70,001 to Rs 80,000 will receive a waiver of Rs 10,000, and loans between Rs 80,001 and Rs 1 lakh will have Rs 5,000 waived.
The state government has also extended support to large farmers who availed crop loans through cooperative banks, offering them a crop loan waiver of Rs 5,000. This initiative is expected to provide substantial financial assistance to farmers and alleviate the debt burden in the agricultural sector.
