What is the interest rate on a crop loan in Coimbatore district?
DI Asked by Dinesh Rathod from India
Quick Answer
The crop loan interest rate in Coimbatore district is set by the state under the Tamil Nadu Rent Control Act 1960 and the central interest subvention scheme.
Detailed Legal Analysis
The crop loan interest rate in Coimbatore district is set by the state under the Tamil Nadu Rent Control Act 1960 and the central interest subvention scheme. The Madras High Court has held that subvention must reach the farmer, not just the bank.
You get a subsidised rate on loans up to Rs 3 lakh. Timely repayment gets an additional subvention.
The loan is for a season. Default affects future credit.
A dispute goes to the banking ombudsman.
Legal Provisions Referenced
Verify the current statutory text at India Code (the official repository of Indian legislation) or the Legislative Department. This answer is general legal information, not advice on your specific matter.
Disclaimer: AI-generated for educational purposes only. Does not constitute legal advice. Consult a qualified practitioner.