What is the Pradhan Mantri Kisan Tractor Yojana 2020?

The Central Government of India launched the ‘Pradhan Mantri Kisan Tractor Yojana 2020’ to help the farmers buy new tractors at a subsidized cost. This yojana was launched considering the hardships and financial problems of the farmers. With this scheme’s help, farmers can avail of a 20 to 50% subsidy while purchasing a new tractor.

Objectives of the Pradhan Mantri Kisan Tractor Yojana 

Prime Minister Mr. Narendra Modi launched this scheme to facilitate the upliftment of farmers. The primary objective behind the introduction  of this scheme is to accelerate the growth and development in the agricultural sector to improve the farmers’ financial conditions. This yojana provides tractors to poor farmers at discounted rates.

Benefits of this scheme 

The ‘Pradhan Mantri Kisan Tractor Yojana 2020’ is available in every state of the country. Under this scheme, farmers can purchase tractors of any brand available in the market at a discounted rate. Farmers can also get up 50% of a tractor loan over and above the grant. They can also reap the facility of affordable tractor loan interest rates and an easy loan repayment schedule. Women farmers are given first preference under this efficient scheme. Once the application is accepted, the farmers will receive the benefits of the subsidy instantly in their bank accounts.

Eligibility criteria 

To apply for this scheme:

  • A farmer should have agricultural land in his/her name
  • An Aadhar card is mandatory
  • A farmer should not be a beneficiary of  any of the central or state government schemes meant for him or her until seven years of the application date

How to apply for this yojana

Farmers can easily apply for this scheme from their homes via the separate websites of every state. Once the application is accepted, farmers can submit their documents at Jan Seva Kendra (Common Service Center). Besides this, they can even visit the nearest Common Service Center (CSC) to apply for this scheme. They just need to fill the application form and submit it with the necessary documents.

Here is a list of  documents that are essential to apply for this scheme:

  • Land papers
  • Aadhar Card
  • Bank Passbook
  • A passport size photo

Besides the Pradhan Mantri Kisan Tractor Yojana, there are many reputed non-banking financial institutions that are offering reasonable tractor loan interest rates. Mahindra Finance is the name to reckon with when considering tractor finance assistance. You can visit their official website to know more about the tractor loan eligibility. You can also get complete clarity about the tractor loan documents required to avail of tractor finance.