Through its Co-operation, Food and Consumer Protection Department, the Government of Tamil Nadu has launched a specialized scheme under the Primary Cooperative Agriculture and Rural Development Bank to assist farmers in purchasing power tillers. This initiative offers up to 90% loan assistance on equipment costs, aiming to promote mechanized farming and enhance agricultural productivity. The loan comes with an affordable interest rate ranging between 11% and 12.25%, making it a practical choice for farmers seeking financial support for essential farming machinery.
Key Highlights of TN Power Tiller Loan Subsidy
• Name of Scheme: Power Tiller Loan Scheme
• Department: Co-operation, Food and Consumer Protection Department, Tamil Nadu
• Implementing Body: Primary Cooperative Agriculture and Rural Development Bank
• Loan Coverage: Up to 90% of the power tiller cost
• Interest Rate: 11% to 12.25% (may vary)
• Target Beneficiaries: Farmers in Tamil Nadu
• Mode of Application: Offline
Benefits of the Scheme
• Financial Aid: Farmers can receive up to 90% of the cost of a power tiller as a loan.
• Affordable Interest Rate: The loan is offered at a competitive rate of 11% to 12.25%, enabling easier repayment.
• Boost to Farm Productivity: Encourages the use of modern agricultural tools for more efficient farming operations.
• Support for Rural Development: Aims to improve the livelihood of farmers and foster rural economic growth.
Eligibility Criteria
• The applicant must be a resident of Tamil Nadu.
• The applicant must be a farmer actively involved in agricultural activities.
• The applicant must express a clear intent to use the loan for purchasing a power tiller only.
• Must be willing to approach the Primary Cooperative Agriculture and Rural Development Bank for the loan process.
How to Apply – Online Process
- Collect Application Form: Visit the office of the Secretary/Special Officer of the Primary Cooperative Agriculture and Rural Development Bank to obtain the application form.
- Fill the Form: Complete all the required fields, attach a passport-sized photo, and self-attested copies of supporting documents.
- Submit the Application: Submit the filled form and documents to the concerned bank official.
- Obtain Acknowledgment: Ask for a receipt or acknowledgment slip with a reference number and submission date for tracking purposes.
Necessary Documents for Application
• Identity Proof (Aadhaar Card, PAN Card, etc.)
• Address Proof (Utility bill, Voter ID, etc.)
• Proof of Farming (If mandated by the bank)
• Any additional documents requested by the bank authority
Frequently Asked Questions (FAQs)
Q: What is the objective of this scheme?
A: To financially assist farmers in Tamil Nadu in purchasing power tillers, thereby boosting mechanized farming and productivity.
Q: Who is eligible for this scheme?
A: Any resident farmer of Tamil Nadu engaged in agricultural activities and intending to buy a power tiller.
Q: What percentage of the equipment cost is financed?
A: Up to 90% of the power tiller’s cost is covered through the loan.
Q: What is the interest rate on the loan?
A: The interest rate ranges between 11% and 12.25%, subject to periodic updates.
Q: Is the interest rate fixed?
A: No, the rate is subject to change as per government or bank policy.
Q: What documents are required to apply?
A: Identity proof, address proof, and farming proof (if required), along with the completed application form.
Q: Can the application be submitted online?
A: No, only offline applications are accepted through the designated bank offices.
Q: What is the repayment period for the loan?
A: The repayment tenure varies depending on the bank’s terms. Details are provided at the time of loan processing.
Sources and References
• Tamil Nadu Co-operation, Food and Consumer Protection Department
• Primary Cooperative Agriculture and Rural Development Bank Guidelines
The Power Tiller Loan Scheme by Tamil Nadu’s Primary Cooperative Agriculture and Rural Development Bank is a valuable opportunity for farmers to modernize their operations at a minimal upfront cost. With generous loan coverage and reasonable interest rates, this scheme promotes sustainable agriculture and rural upliftment. Interested farmers are encouraged to apply through the nearest bank office to take full advantage of this initiative.
