PNB Agriculture loans: Avail these schemes for emergency needs amid lockdown; easy repayment facility

If you are in the agriculture sector and are in need of urgent money, this is certainly something you should know. India's second largest public sector bank Punjab National Bank (PNB) is giving short term loans under its Agriculture Credit schemes. The bank is offering instant loan facilities under a couple of schemes where loans are being offered without any security or collateral.

One such scheme is the SHG Covid 'Covid Tatkal Sahayata Rin'. This scheme provides financial assistance to individual Self Help Group members to enable them meet their immediate requirements. The scheme has been designed in the wake of Covid-19 outbreak that has engulfed the country, forcing a nationwide lockdown. This can be helpful for small and poor members to sustain themselves in times when the economic activity has come to a halt. The government has though made some sector specific relaxations.

Under the 'SHG Covid Tatkal Sahayata Rin', the bank is giving assistance to individual SHG members with loan amount ranging between Rs 5000 and Rs 1 lakh. The bank has also given a repayment period of three years for this loan. There is no margin/service charges or collateral security being taken for this loan.

There is a small caveat though. This loan is extended only to the existing PNB customers.

Another PNB scheme being offered is PNB Kisan Tatkal Rin Yojana. This scheme has been designed for providing financial assistance to farmers to meet the emergency requirements for Agriculture and Household Needs for tiding over temporary difficulties. The bank has kept the loan limit up to Rs 50000 with easy payment options. The loan seeker can repay the loans in three years.

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While the government has announced reliefs under its Prime Minister Garib Kalyan Yojana (PMGKY) for the poor, banks and lending institutions have taken several steps including loan moratoriums to help people deal with this unprecedented situation. The country has been under lockdown since 24 March.