<h1>NABARD Supports Rural Development with Affordable Credit for Farmers; Offers 7% Interest on Crop Loans up to Rs. 3 Lakh.</h1> The National Bank for Agriculture and Rural Development (NABARD) was created on 12 July 1982 to support agriculture and rural development in India. It offers credit and facilities for agriculture, small industries, and crafts in rural areas to promote integrated rural development. NABARD provides short-term refinance assistance for up to eight months to cooperatives, regional rural banks, and other approved financial institutions. Following government instructions, NABARD offers concessional interest rates to these banks for crop loans up to Rs. 3 lakh at 7% per annum for one year, facilitating affordable credit for farmers. This was stated by a government official in the Lok Sabha.