Canara Bank Launches Big Overdraft Scheme for Farmers

Farmers struggling with rising cultivation expenses can now access a major financial support scheme introduced by Canara Bank. Under the Canara Kisan OD scheme, eligible farmers can receive overdraft facilities of up to Rs. 12.50 lakh for agriculture and related activities.

The scheme is designed to support daily farming operations, dairy farming, poultry activities, and maintenance of agricultural equipment. Farmers with a good repayment track record under the Kisan Credit Card scheme over the past three years are eligible to apply.

Applicants can use the loan amount for tractor repairs, buying farming tools, emergency household expenses, and even clearing high interest private debts. The overdraft limit will depend on land value and asset eligibility fixed by the bank.

According to the bank, the OD account will remain valid for 12 months. Borrowers will also have to maintain the required security conditions while repaying interest within the specified period.