Maharashtra Chief Minister Devendra Fadnavis has called on banks to stop demanding credit scores for farm loans, emphasizing the importance of supporting farmers to prevent economic repercussions and suicides.
Farm LoansCredit ScoresMaharashtraDevendra FadnavisAgricultureReal Estate MaharashtraMay 20, 2025
Devendra Fadnavis is urging banks to stop demanding credit scores for farm loans to prevent economic repercussions and farmer suicides, and to ensure that farmers have access to the financial support they need.
To be eligible for farm loans, farmers must own or lease agricultural land for a minimum period set by the bank. For loans up to Rs 2 lakh, the land requirement is typically waived.
If a farmer defaults on a loan, banks may restructure the loan, offer one-time settlements, or pursue recovery via debt recovery tribunals or lok adalats. Loans become non-performing assets if they remain unpaid for over 90 days.
Treating agriculture as a business is important because it emphasizes the economic significance of the sector and the need for financial support to ensure its sustainability and growth.
A favorable monsoon forecast indicates good crop production, which is crucial for the agricultural sector in Maharashtra. It encourages banks to increase credit to farmers to support their activities and boost the state's economy.
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