Crop loan repayment period extended

Crop loan repayment period extended

Zilla Panchayat CEO Prashanth Kumar Mishra chairs the district lead bank meeting in Madikeri on Wednesday.

The lead bank meeting has decided to extend the period for repayment of crop loans for the next five years.

The meeting decided to convert crop loan into a term loan. A decision to this effect was taken in the wake of damage caused by the heavy flood in the district.

The meeting was chaired by Zilla Panchayat CEO Prashanth Kumar Mishra at the Lead Bank Auditorium on Wednesday.

The time for repayment of other loans availed of by farmers and other customers too has been extended for one year. The banks will provide loan up to Rs 10,000 at a low interest rate for the families who have lost their house and property following the flood.

The Zilla Panchayat CEO also directed the banks not to harass the flood victims who have borrowed agricultural, home, vehicle, personal and education loan.

Nabard AGM Mundanda C Nanaiah said the subsidies of government projects towards loan disbursal should reach the needy.