Yesterday i.e. on 1 February 2025, the Finance Minister of the country Nirmala Sitharaman presented the Union Budget. Some benefits were announced for everyone by the Finance Minister. The government also gave many gifts to the farmers in this budget.

The Finance Minister announced to increase in the limit of loans given under the Kisan Credit Card. Earlier, a loan of Rs 3 lakh was available under Shyam Credit Card. Now it has been increased by 2 lakhs to 5 lakhs.

But do you know that using the Kisan Credit Card, crores of farmers across the country take loan of lakhs of rupees for farming expenses? But how much interest do they have to pay for that. What is the interest rate on Kisan Credit Card, let us tell you.

In fact, the person taking loan on Kisan Credit Card was earlier given a loan of Rs 3 lakh at an interest rate of 7%. This loan is given for 5 years. But if a farmer repays this loan on time. Then he also gets subsidy on interest from the government.

The farmer who repays the loan on time gets a subsidy of 3% on the interest rate of 7% from the government. That is, he has to repay the loan taken on Kisan Credit Card at an interest rate of just 4% instead of 7%.

Let us tell you that in the year 1998, the government launched Kisan Credit Card. Farmers can take loan through Kisan Credit Card for all the important works related to farming. Farmers get loan under this to buy farming equipment, seeds, fertilizers and pesticides.

If we talk about the present situation in the country, then more than 7.5 crore farmers are using this Kisan Credit Card. Let us tell you that one can apply online to get Kisan Credit Card. Apart from this, you can also apply for it by going to your nearest bank.

Disclaimer: This content has been sourced and edited from abplive. While we have made modifications for clarity and presentation.