Farmers or candidates running their own businesses can get a 3% interest subsidy on bank loans and can get an interest subsidy under the Central Government’s AIF Scheme. Complete details about this scheme are published in this article.
Many are not aware of the AIF Scheme. Farmers who have taken bank loans for agricultural activities and other businesses can apply online to get 3% interest subsidy every year under this scheme.
How to apply for interest subsidy under the AIF Scheme? What are the documents required for this? How will the beneficiaries get 3% interest subsidy (Bank Loan Interest Subsidy Application)? What are the necessary documents to be provided? Complete information related to this is published here.
What is the AIF Scheme?
The Central Government has implemented the Agricultural Infrastructure Fund (AIF) Scheme to provide various post-harvest benefits to farmers and provide 3% interest subsidy on bank loans. Under this scheme, farmers will get 3% interest on bank loans. For example, if you pay interest of Rs. 50,000 per year on bank loans, then under this scheme, a subsidy of Rs. 15,000/- will be credited to your bank account.
How is the interest subsidy on bank loans – 3% subsidy transferred?
After taking a loan from the bank, if the bank fixes an interest rate of 9% for this loan, then you will repay it within 3 months and the 3% interest subsidy will be credited to your savings account through DBT.
You can apply for loans under other schemes:
Beneficiaries who have already taken subsidized loans for starting a business under the schemes of the Central Government like NHB, MoNRE, MoFPI(PMFME), MoFPI(PMKSY), AC&ABC, PMEGP, PMKUSUM(B&C) can get interest subsidy.
Who can apply for AIF scheme?
Apart from farmers, the organizations listed below can also apply to get the benefits of this scheme.
- Farmer
- Agri-entrepreneur
- Farmer Producer Company/FPO
- Self-Help Group/SHG
- Start-up
- Cooperative Society
How to apply for the Agricultural Infrastructure Fund Online Application-AIF Scheme?
To get interest subsidy under the Agricultural Infrastructure Fund (AIF) Scheme, farmers need to follow the following procedure and submit the application online by visiting the official website.
- Step 1: First, click here to apply for AIF online and access the official website of the Agricultural Infrastructure Fund (AIF) Scheme.
- Step 2: After this, click on the “Beneficiary Corner” option on the home page of this page and click on “Register as Beneficiary”. If you have taken a loan under any other scheme, then click on the “Convert with other scheme” button.
- Step 3: Then on this page, enter the applicant’s name, mobile number and Aadhaar number and click on the Send OTP button, the application form will open.
- Step 4: After opening the official application form, upload all the details and documents asked here and finally click on the “Submit” button to apply.
Documents Required for Online Application:
It is mandatory to submit the following documents to apply online for interest subsidy under the Agricultural Infrastructure Fund (AIF) scheme.
- Aadhaar Card of the applicant
- Bank Passbook
- Photo of the applicant
- Loan sanction letter
- Mobile number
AIF Scheme Website-For more information please visit official website- agriinfra.dac.gov.in