Kisan Credit Card (KCC) Loan Scheme In India | Kisan Credit CardKCC Loan Scheme and Interest Rates | Kisan Credit Card (KCC) Check Features and Benefits | Kisan Credit Card (KCC) Apply Online
To provide financial security to the farmers of the country, The Central Government has introduced a number of schemes. It is providing financial relief to the breadwinners through these schemes. However, the Prime Minister's Kisan Samman Nidhi Yojana is one of them. In installments the scheme will provide cash to farmers. However, In 7 installments the money has already been credited to the account. The Modi government has recently deposited 2 thousand in the account of the farmers.
To the farmers who have joined the PM Kisan Scheme, the Center is also providing another benefit. The Farmers can get loans at the same cheap interest. PM Kisan farmers can easily avail Kisan credit cards. To KCC card holders the government is offering low-interest loans. The Central Government decided to link the PM Kisan scheme to the Kisan credit card last year,. With this, every farmer in the scheme will get a Kisan credit card. Also, the holders of this KCC card has the facility to draw withdraw Rs. 3 lakhs . The interest rate of 9 percent is on loans. However, 2 percent subsidy is given by the government. This reduces the interest rate to 7%. Also, if the farmers repay the loan on time, there is a possibility of another 3 per cent reduction. With this, those who take this type of loan will get 4% interest. The Farmers havr to go to your branch bank to apply for this loan or Kisan Credit Card.
To provide timely and adequate credit to farmers to meet their production credit needs (Cultivation expenses) besides meeting contingency expenses and expenses related to ancillary activities through simplified procedure facilitating the borrowers for availing loans as and when they need Kisan credit card – KCC was launched to save the Indian farmers from the high interest rates charged by the money lenders in the unorganized sector. Farmers can avail a loan as and when they require. The interest charged is also dynamic, meaning if customers make timely payments then they are charged a lower rate of interest. Other details of the credit card are given below.
Eligibility for Kisan Credit Card Loan
Kisan credit card loan is provided to anyone who is engaged in agriculture, allied activities or other non-farming activities. Following is the detailed criteria to be eligible for Kisan Credit Card loan:
Minimum Age – 18 years
Maximum Age – 75 years
In case a borrower is a senior citizen (age more than 60 years), a co-borrower is mandatory where the co-borrower should be a legal heir
All farmers – individuals/joint cultivators, owners
Tenant farmers, oral lessees, and sharecroppers, etc.
SHGs or joint liability groups including tenant farmers
Documents Required for KCC Loan
The documents that might be required by the bank to process Kisan Credit Card Loan scheme in India are:
Proof of Identity :PAN Card, Aadhaar Card, Voter’s ID Card, Passport, Driving Licence or any other government approved photo ID
Proof of Address : Aadhaar Card, Passport, Utility bills (not more than 3 months old) or Any other government approved address proof
Proof of Income : Bank statement for the last 3 months, Salary slips for the last 3 months, Audited financials for the last two years (for self-employed), Form 16, etc.
Process to apply Online for Kisan Credit Card :
Here are the steps to apply for kisan credit card online..
1. First visit the banks website
2. Scan through the list of available credit cards and select KISAN CREDIR CARD
3. Now apply for the card by filling details on the application page and then click on the SUBMIT button,
4. Then note the reference number and wait for the bank to process your application.
5. Finally submit the right documents to the bank and obtain the KISAN CREDIT CARD.
Banks Offering Kisan Credit Card (KCC) Loan
Top banks as well as many local banks are offering Kisan Credit Card schemes to its users. Some of them are given below.
State Bank of India – Many people prefer getting State Bank of India Kisan Credit Card. This is because the interest rate charged on SBI Kisan Credit Card starts from 2.00% p.a. on loans up to Rs. 3.00 lakh.
Punjab National Bank – PNB Kisan Credit Card’s application process is easy and farmers can expect quick processing of their application.
HDFC Bank – HDFC Bank is one of the leading private banks in India. The interest rate on their loans is around 9.00% and the maximum credit limit is Rs. 3.00 lakh. Besides this, cardholders can get a cheque book with credit limit up to Rs. 25,000. The benefits do not stop there; if a farmer suffers from crop failure then they may get an extension on the loan for 4 years or more. The crops grown by using the loan fund is also insured against natural calamities or pest attacks.
Axis Bank – Axis Bank Kisan Credit Cards loans charge an interest rate of 8.85%. However, the bank provides loans which charge lower interest rate in accordance with government subvention schemes.
There are other local banks that offer Kisan Credit Card loans such as Odisha Gramya Bank, Bangiya Gramin Vikash Bank, and so on.
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