loans at three percent interest for Chhattisgarh farmers

Thousands of farmers on the occasion of the country’s 62nd Independence Day, Chhattisgarh government Friday declared that it would provide agriculture loans at three percent interest rate. Chhattisgarh farmers will now get loan at just three percent from cooperative societies as against the existing rate of six percent. This is the the lowest interest rate being provided in any state,” Chief Minister Raman Singh said in his Independence Day speech at Police Parade ground here.

Earlier the farmers were able to get just Rs.200-250 crore (Rs.2-2.5 billion) loan annually but last year they received Rs.588 crore (Rs.5.88 billion) as government brought down the interest rate to six percent from 14 percent,” Singh said.

He added that government hoped to provide about Rs.805 crore (Rs.8.05 billion) agriculture loan this financial year due to further slashing of the rates. The chief minister also announced that nearly 4,500 youths recruited as special police officers (SPOs) for anti-Maoist operations will get a pay hike. The SPOs are currently paid Rs.1,500 per month which has been raised to to Rs.2,150 per month.