Interest free loan to farmers in Korea district

     Baikunthpur, April 29, 2009: Cooperative societies in Korea district have decided not to charge interest to the farmers for the agriculture loans taken for the month of April and May, official sources said.

     Through the cooperative societies loan to the farmers have been extended with an interest rate of three per cent, but the farmers associated with the societies would be provided interest free loan for the month of April and May, the officials said.

     Reports received from the District Cooperative Bank said sufficient provisions have been made to provide cash loans to the farmers for purchase of seeds, fertilizers and also for their agriculture works. 

     Stating that there was sufficient stock available for the fertilizer in the Korea district, they said from agriculture purpose, the farmers would be provided seeds, fertilizer and cash with out charging any interest for the month of April and May.

    The farmers would also be provided loan with three per cent rate of interest. However, the defaulters of the previous years would be charged 14 per cent rate of interest and three per cent penalty, while recovering their agriculture loans.