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Government issues GO framing guidelines for waiving loans up to Rs.1.5 lakh per family


August 14, 2014 - Hyderabad

The much awaited loan waiver that was announced by the TDP president and Chief Minister Nara Chandrababu Naidu has took a final shape on Thursday with the issuance of a GO No.174 by the Revenue Secretary L Premachandra Reddy giving guidelines for loan waiver up to Rs.1.50 lakhs per family.

Under the guidelines, the loan(s) amount should be limited to Rs.1.50 lakh per family irrespective of all crop loans taken by all members of a family including interest up to March 31, 2014. The loan waiver scheme is applicable to gold loans taken for agricultural purposes but all of them should be within the cap. The loan waiver is applicable to those loans taken from National Rural Development Banks, Cooperative Banks and commercial banks in all the 13 districts of the State. The loan waiver will be applicable to those who have already repaid their loans. The amount of loan waiver will be directly credited to their respective Savings Bank accounts and will be permitted withdrawals.

Eligibility:
Under the GO, crop loans and agricultural gold loans disbursed for crop purposes only including the loans converted to medium term loans due to calamities as on March 31, 2013 and outstanding (including interest) as on Marcy 31,2014 were eligible under the scheme. Loans that were outstanding as on March 31 this year would be eligible for waiver even if they were subsequently repaid to the bank/cooperative. Short term loans for meeting working capital needs, fishing, poultry and paddy, loans taken on the pledge of stocks in go downs were exempted from loan waiver.

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