‘Kisan Credit score Card’ is a scheme launched by the Authorities of India to satisfy the monetary wants of small and marginal farmers. This is what it’s good to know in regards to the plan:
Kisan Credit score Card (KCC) scheme helps farmers to purchase agricultural services on credit score at any time. Lately, the federal government launched the Curiosity Subvention Scheme (ISS) to make sure that farmers pay the minimal fee of curiosity to the financial institution whereas making use of for this bank card.
Now renamed as Revised Curiosity Subvention Scheme (MISS), the scheme will present an curiosity subvention of 1.5 per cent each year on short-term agricultural loans as much as Rs 3 lakh.
Listed below are vital issues to know in regards to the Kisan Credit score Card (KCC) scheme:
What’s the goal of KCC scheme?
Who can apply for this?
Farmers – Particular person / joint debtors who’re proprietor farmers, tenant farmers, oral lessees and sharecroppers; Self Assist Group (SHG) or Joint Legal responsibility Group (JLG) of farmers together with tenant farmers, sharecroppers and many others. can apply for KCC.
The minimal age of the borrower ought to be 18 years and most 75 years. In case of senior residents, it’s necessary to have a co-borrower who’s the authorized inheritor.
Which banks supply KCC?
What are the rate of interest and different fees on KCC?
The rate of interest on KCC varies from financial institution to financial institution together with its credit score restrict. Different charges and fees akin to processing payment, insurance coverage premium and many others. are decided on the discretion of the issuing financial institution.
|Banks Providing Kisan Credit score Card||Price of curiosity|
|SBI Kisan Credit score Card||the minimal. 7% each year|
|pnb kisan bank card||the minimal. 7% each year|
|hdfc financial institution kisan bank card||the minimal. 9% p.a.|
|Axis Financial institution Kisan Credit score Card||8.85% p.a. | Curiosity Subvention Offered|
|Mahabank Kisan Credit score Card||the minimal. 7% each year|
|Indian Abroad Financial institution Kisan Credit score Card||7% each year | Curiosity Subvention Offered|
|UCO Financial institution Kisan Credit score Card||7% each year | Curiosity Subvention Offered|
What’s the reimbursement interval?
For the crops for which the mortgage has been given, the reimbursement interval could also be mounted by the banks as per the anticipated harvesting and advertising and marketing interval.
Usually, the mortgage element could be repaid inside a interval of 5 years relying on the kind of exercise/funding as per the extant tips relevant for funding loans, as per RBI norms.
Financing banks might, at their discretion, supply longer reimbursement durations for time period loans relying on the kind of funding.
Is any insurance coverage supplied with KCC?
Eligible crops could be coated below ‘Pradhan Mantri Fasal Bima Yojana’ on premium cost. Debtors ought to go for private accident insurance coverage and medical health insurance (the place relevant).
What are the paperwork required to use for KCC?
ID Proof like Driving License / Aadhar Card / Voter ID Card, Passport and many others. is required. Additionally, proof of land, crop sample (crop grown), safety paperwork for mortgage restrict, passport dimension images must be submitted, duly attested by income officers.
How are you going to apply for KCC on-line and offline?
Those that want to apply for KCC card can apply on-line on the web site of any financial institution that provides this facility. There ought to be a ‘Kisan Credit score Card’ part below ‘Playing cards’. Candidates must fill and submit PM Kisan Credit score Card On-line Utility Type with required particulars.
Those that want to apply it offline can obtain the applying kind, go to the closest financial institution department providing the ‘Kisan Credit score Card’ scheme and submit the crammed kind.