Next union budget may contain gift for farmers, Kisan Credit Card limit may be increased

The Union Budget will be presented in Parliament on February 1, 2025 and Finance Minister Nirmala Sitharaman will present the roadmap for the next few years of the Modi government in this budget, with which the expectations of crores of people of the country are attached. There are many possibilities in this budget to fulfill crores of expectations in front of the central government. Now in this episode, good news has also come about the loan limit of Kisan Credit Card.

An official or source associated with the Finance Ministry said that the loan limit under Kisan Credit Card can soon be increased to Rs 5 lakh, which is currently Rs 3 lakh. Currently, farmers get a loan of up to Rs 3 lakh through Kisan Credit Card, whose limit can be increased to Rs 5 lakh in this budget. In the budget, the government is planning to increase the credit limit of Rs 3 lakh to Rs 5 lakh. According to a news of Business Standard, this information has been received.

The government has been receiving continuous demands for increasing the limit of Kisan Credit Card and the loan limit of KCC was increased a long time ago. It has been at Rs 3 lakh since last time. The government is thinking of increasing the loan limit on Kisan Credit Card from Rs 3 lakh to Rs 5 lakh because it will help the farmers, especially small and marginal farmers, and after this, an increase in rural demand can also be seen, through which the economy of the villages will also improve.

Kisan Credit Card (KCC) Yojana is a scheme of the Government of India. Under this, farmers are given timely and adequate loans for farming work.

Under this scheme, farmers get many benefits-

Farmers can take loans for many types of agricultural needs from one place and the application process is easy. Farmers are given an interest discount of 2 percent and a quick repayment incentive of 3 percent. The government gives 2 percent discount on interest to farmers. As an incentive, the interest of farmers who repay the loan on time is reduced by 3 percent. In this way, farmers get loans at an annual interest rate of 4 percent. Farmers get cover of crop insurance, accident insurance, health insurance, and asset insurance. There is a reduction in the interest rate on agricultural loan if it is repaid on time.