On April 3, 2024, CM Punjab Maryam Nawaz Sharif declared a significant initiative to provide agricultural loans of up to 50 lakhs to all farmers across Punjab via the Nawaz Sharif Kisan Card. A sum of 150 billion rupees has been allocated in the current Agriculture Reforms assembly by the Punjab government. Under this scheme, farmers possessing the Nawaz Sharif Kisan Card will be eligible for agricultural loans of up to 5 million rupees.
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How to Avail the Loan Using Nawaz Sharif Kisan Card
To access an agricultural loan of Rs 50 lakh through the Kisan Card, farmers should visit their nearest Bank of Punjab branch and obtain the registration form by presenting their Kisan Card. After completing the registration form with their details, including a copy of their original national identity card, they must submit it back. Upon verification of eligibility, qualified farmers will be granted an agricultural loan by the Bank of Punjab.
Eligibility Criteria for Agricultural Loan
Farmers must meet certain criteria to qualify for the Rs 50 lakh agricultural loan:
- Possession of Nawaz Sharif Kisan card.
- No prior borrowing from any other agricultural scheme.
- No defaults in repaying previous bank loans.
- Ownership of agricultural land exceeding 15 acres.
- Possession of an original national identity card.
- Ownership of all the land mentioned.
- Residency in Punjab.
Purpose of the Loan
The aim of this loan initiative is to support 5 lakh farmers across Punjab, particularly those in need, to meet their basic agricultural requirements and enhance crop production. The loan will cover expenses such as seeds, fertilizers, and pesticides, providing Rs 30,000 per acre to farmers. Repayment of the loan will be facilitated through easy annual installments without strict conditions.
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Final Words
Farmers interested in accessing agricultural loans through the Kisan card are urged to promptly register at their nearest Bank of Punjab branch, as the government has announced a limit of only 5 lakh beneficiaries. Additionally, the Punjab Government is establishing Model Agri Centers to provide farmers with new agricultural machinery, pesticides, and training, further aiding in boosting crop production.