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"The Diwali holidays delayed transfer of amount into farmers' bank accounts. From Monday farmers will see the money deposited in their accounts," Deshmukh said.
The government has asked the banks to settle farmers' loan dues from the deposited amounts and initiate the procedure to issue them loan-clear certificates, a senior official of the cooperation department said.
Farmers can then avail of fresh loans for the next crop, the official said.
The BJP-led Maharashtra government had said while announcing the farm loan waiver scheme in June that of the 89 lakh farmers whom it will benefit, some 44 lakh owe less than Rs 1.50 lakh each to the banks.
The ceiling for loan waiver has been raised from the initial Rs 1 lakh to Rs 1.50 lakh.
"It is a Rs 34,000-crore loan waiver package and we are trying to reach its benefit to as many farmers as possible," minister Deshmukh said.
Online registration and verification for loan waiver has filtered out many non-eligible cases, he said.