(28 May 2025, 15:56)

Cabinet approves continuation of Modified Interest Subvention Scheme for FY 2025-26 with existing 1.5% Interest Subvention

Union Cabinet chaired today approved the continuation of the Interest Subvention (IS) component under the Modified Interest Subvention Scheme (MISS) for the financial year 2025-26, and approved required fund arrangements. MISS is a Central Sector Scheme aimed at ensuring the availability of short-term credit to farmers at an affordable interest rate through Kisan Credit card (KCC). Under the Scheme, farmers received short-term loans of up to Rs.3 lakh through Kisan Credit Cards (KCC) at a subsidized interest rate of 7%, with 1.5% interest subvention provided to eligible lending institutions. Additionally, farmers repaying loans promptly are eligible for an incentive of up to 3% as Prompt Repayment Incentive (PRI) effectively reducing their interest rate on KCC loans to 4%. For loans taken exclusively for animal husbandry or fisheries, the interest benefit is applicable up to Rs.2 lakh. No changes have been proposed in the structure or other components of the scheme. There are more than 7.75 crores of KCC accounts in the country.

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Cabinet approves continuation of Modified Interest Subvention Scheme for FY 2025-26 with existing 1.5% Interest Subvention