PM-Kisan-Package

Kisan Loan Scheme 2024 | PM Kisan Package {2-5Lakh}

Kisan Loan Scheme | PM Kisan Package of Rs 1,800 bn (now Rs 1.22 trillion under the PM Kissan Package) has been announced by PM Shehbaz Sharif to assist farmers who have suffered crop losses due to the extreme weather conditions (floods) of the past year.

The PML-N leader had earlier promised to introduce this package to ease the debt burden of farmers in his party’s election manifesto.

Prime Minister has finally announced Rs 1,800 billion (now Rs 1.22 trillion under the PM Kissan Package) worth of relief for the farmers in the form of tax exemptions, direct cash transfers, and as tractor schemes.

Here’s everything you need to know about the Prime Minister Kisan Loan Scheme for the agricultural sector and how it will affect the lives of all farmers across the country, especially in flood-affected areas in Pakistan

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Kisan Loan Scheme 2024 | Government Of Pakistan Kisan Package

Kissan-Package
Kissan-Package

Table of Contents

What Is Kisan Package?

Kisan-Loan-Scheme
Kisan-Loan-Scheme

Prime Minister Kisan Loan Scheme: Prime Minister Shehbaz Sharif announced on Saturday that the Kisan Package/Kisan Loan Scheme will be distributed among the farmers by the Government of Pakistan.

The Kisan Package is a relief package for the farmers. The price support and input subsidies are part of this package which will help in reducing the input costs for crops such as wheat and sugarcane.

It also includes a government-funded crop insurance program with coverage up to 100% in case of unforeseen circumstances like drought or floods.

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What’s Included In The Kissan Package?

Prime Minister Kisan Loan Scheme: The Kisan Package by the government of Pakistan is a much-needed relief for the agricultural sector that has been suffering due to recent floods.

The government announced its intention of spending approximately Rs. 18 billion in this regard in order to provide an impetus for the agricultural economy..

It includes a number of incentives like a reduction in taxes on fertilizers and pesticides as well as a subsidy on electricity bills for farmers.

Kisan Loan Scheme 2024

Prime Minister Kisan Loan Scheme: The “Kisan Loan Scheme 2023” has been launched by the Government of Pakistan to provide financial assistance to farmers across the country.

As part of this initiative, the government has disbursed a massive amount of Rs 1.22 trillion under the PM Kissan Package to support agriculture and rural development.

This scheme aims to alleviate poverty, improve the livelihoods of farmers, and boost the agricultural sector’s growth by providing affordable credit facilities and other resources to farmers.

The government hopes that this initiative will lead to increased agricultural productivity, better crop yields, and ultimately, greater food security for the people of Pakistan.

Implementation Of Kissan Package

Prime Minister Kisan Loan Scheme: The Kisan Package will be implemented in two phases. First, the government will implement an urgent relief package in order to help struggling farmers.

The government will provide a subsidy per acre for wheat and rice crops and a subsidy on the purchase of fertilizers by small and medium-sized producers.

After the initial round of subsidies is completed, the government will implement various initiatives in order to make farming more sustainable for farmers over time.

The Kisan Package aims to make agriculture profitable again by introducing agricultural insurance schemes for crops, increasing training opportunities for farmers, and promoting research and development projects in the field.

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PM Kisan Package For Flood-Affected Farmers 2024 (New Addition)

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Interest-Free-Agriculture-Loans-In-Pakistan

Prime Minister Kisan Loan Scheme: The National Bank of Pakistan (NBP) has recently launched a special initiative called the Prime Minister Kisan Package to support farmers affected by floods.

The NBP has taken the initiative to address the financial challenges faced by farmers who have been impacted by floods.

This package offers interest-free loans to farmers, enabling them to purchase essential agricultural inputs such as seeds and fertilizers.

Key features of the Prime Minster Kisan Package are:

  • Interest-Free Loans for Seed and Fertilizer Purchasing: Under this scheme, the National Bank of Pakistan (NBP) is extending interest-free loans of up to PKR 2 Lakhs to flood-affected farmers. The loans are specifically intended for the purchase of seeds and fertilizers, which are crucial inputs for agricultural production. By offering interest-free financing, the initiative aims to alleviate the financial burden on farmers and facilitate the restoration of their farming activities.
  • Loan Tenure for the PKR 2 Lakh Loan: The loan tenure for the PKR 2 Lakh loan, which covers seed and fertilizer purchasing, is set at up to 6 months. This duration provides farmers with a reasonable timeframe to utilize the loan amount effectively, allowing them to procure the necessary inputs and resume their agricultural operations without the additional burden of interest payments.
  • Interest-Free Loans for Farmers with Agricultural Land: Farmers who own agricultural land affected by floods can avail themselves of interest-free loans of up to PKR 5 Lakhs. This category of loans is specifically designed to cater to the larger financial requirements of land-owning farmers for various purposes related to agricultural recovery and rehabilitation.
  • Loan Tenure for the PKR 5 Lakh Loan: The tenure for the PKR 5 Lakh loan, available to farmers with agricultural land, extends up to 3 years. This extended period of repayment offers flexibility to farmers in managing their finances, allowing them to gradually repay the loan while simultaneously focusing on restoring their agricultural activities and ensuring long-term sustainability.

Conclusion

Prime Minister Kisan Loan Scheme: Kisan Package supports objectives laid out in Vision 2025 which aims to double exports and quadruple industrial output while reducing poverty rates from 31% now to 20% within 10 years.

Furthermore, there is provision for new technology in crop cultivation such as drones and artificial intelligence along with new machinery like rice huskers or a paddy thresher that can cut down on labor costs by 30%.

Kisan Loan Schemes would increase livelihoods by focusing on economic sustainability, enhancing local industries, water conservation, and clean energy development among other benefits.

Overall, it is a get step toward a way forward for revamping the agricultural sector in Pakistan. Especially, in the flood-ridden areas of Sindh, Balochistan, and South Punjab.

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Kisan Package FAQs

What is PM Shehbaz Sharif Kisan Loan Scheme:?

Prime Minister Kisan Loan Scheme of Rs 1,800 bn (now Rs 1.22 trillion under the PM Kissan Package) by the government of Pakistan. It would give assistance in purchasing fertilizers, subsidy for electricity bills, and overall agriculture sector support and subsidies.

How much money would be given to young farmers in Pakistan by Kissan Package?

Young farmers would be given about 50 billion by the government of Pakistan to modernize and improve the agriculture sector.

What is the Prime Minister Kisan Loan Scheme for Flood-Affected Farmers?

The Prime Minister Kisan Loan Scheme (interest-free) for Flood-Affected Farmers is an initiative introduced by the National Bank of Pakistan (NBP) to provide interest-free loans to farmers who have been affected by floods.

It aims to support them in purchasing essential agricultural inputs and facilitating the recovery of their farming activities.

What is the loan tenure for the PKR 2 Lakh loan under PM Kisan Loan Scheme?

Under Prime Minister Kisan Loan Scheme tenure for the PKR 2 Lakh loan, which is designated for seed and fertilizer purchasing, is up to 6 months.

This timeframe allows farmers to utilize the loan effectively and repay it within a reasonable period, without the additional burden of interest payments.

What is the loan tenure for the PKR 5 Lakh loan under Prime Minister Kisan Loan Scheme?

Prime Minister Kisan Loan Scheme tenure for the PKR 5 Lakh loan, available to farmers with agricultural land, extends up to 3 years.

This longer duration offers farmers flexibility in managing their finances, allowing them to gradually repay the loan while focusing on the recovery and sustainability of their agricultural activities.

Which Bank Is Best For Agriculture Loan In Pakistan (Additional Guide)

There are several banks in Pakistan that offer agriculture loans to farmers and individuals involved in agriculture-related activities.

Here are the top five banks for agriculture loans in Pakistan and the reasons why they are considered the best:

  • Zarai Taraqiati Bank Limited (ZTBL): ZTBL is a specialized agricultural bank and is one of the leading institutions that provide financial services to farmers in Pakistan. It offers a wide range of agricultural loans, including crop loans, livestock loans, and farm mechanization loans. The bank offers flexible repayment options and competitive interest rates, making it an ideal choice for farmers.
  • National Bank of Pakistan (NBP): NBP is the largest commercial bank in Pakistan, and it offers a variety of agricultural loans to farmers. The bank’s agricultural loans include crop loans, livestock loans, and farm mechanization loans. The bank offers flexible repayment options and competitive interest rates, making it a popular choice among farmers.
  • Habib Bank Limited (HBL): HBL is one of the leading banks in Pakistan, and it offers a range of agricultural loans to farmers. The bank’s agricultural loans include crop loans, livestock loans, and farm mechanization loans. The bank offers flexible repayment options and competitive interest rates, making it an ideal choice for farmers.
  • MCB Bank Limited: MCB Bank Limited is another commercial bank in Pakistan that offers agricultural loans to farmers. The bank’s agricultural loans include crop loans, livestock loans, and farm mechanization loans. The bank offers flexible repayment options and competitive interest rates, making it a popular choice among farmers.
  • Allied Bank Limited: Allied Bank Limited is another commercial bank in Pakistan that offers agricultural loans to farmers. The bank’s agricultural loans include crop loans, livestock loans, and farm mechanization loans. The bank offers flexible repayment options and competitive interest rates, making it an ideal choice for farmers.

Overall, when selecting a bank for an agricultural loan in Pakistan, it is important to consider the bank’s interest rates, repayment options, and flexibility in loan terms.

Additionally, it is always a good idea to compare multiple banks and their offerings before making a final decision.

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