Mini
‘Kisan Credit score Card’ is a scheme launched by the federal government of India to satisfy the monetary wants of small and marginal farmers. Here is all you want to know concerning the scheme:
Kisan Credit score Card (KCC) scheme helps farmers in buying agriculture services and products on credit score at any time. Just lately, the federal government launched Curiosity Subvention Scheme (ISS) to make sure that the farmers pay a minimal rate of interest to the financial institution whereas making use of for this bank card.
Now renamed as Modified Curiosity Subvention Scheme (MISS), the scheme will present an curiosity subvention of 1.5 % every year on short-term agriculture loans as much as Rs 3 lakh.
Listed below are the important thing issues to know concerning the Kisan Credit score Card (KCC) scheme:
What’s the KCC scheme aimed toward?
Who can apply for it?
Farmers—particular person/joint debtors who’re proprietor cultivators, tenant farmers, oral lessees and share croppers; self-help teams (SHGs) or Joint Legal responsibility Teams (JLGs) of farmers together with tenant farmers, share croppers and many others can apply for KCC.
The borrower needs to be a minimal of 18 years of age and a most of 75 years. Within the case of senior residents, it’s obligatory to have a co-borrower who’s a authorized inheritor.
Which banks provide KCC?
What are the rate of interest and different prices on KCC?
The rate of interest on the KCC differs from one financial institution to a different together with its credit score restrict. Different charges and prices corresponding to processing charges, insurance coverage premiums and many others. are set on the discretion of the issuing financial institution.
Banks providing Kisan Credit score Card | Curiosity Fee |
SBI Kisan Credit score Card | Min. 7% p.a. |
PNB Kisan Credit score Card | Min. 7% p.a. |
HDFC Financial institution Kisan Credit score Card | Min. 9% p.a. |
Axis Financial institution Kisan Credit score Card | 8.85% p.a. | curiosity subvention offered |
Mahabank Kisan Credit score Card | Min. 7% p.a. |
Indian Abroad Financial institution Kisan Credit score Card | 7% p.a. | curiosity subvention offered |
UCO Financial institution Kisan Credit score Card | 7% p.a. | curiosity subvention offered |
(Supply: Paisabazaar)
What’s the compensation interval?
The compensation interval could also be fastened by banks as per the anticipated harvesting and advertising interval for the crops for which the mortgage has been granted.
Usually, the time period mortgage part is repayable inside a interval of 5 years relying on the kind of exercise/funding as per the present tips relevant for funding credit score, as per RBI norms.
Financing banks could, at their discretion, present an extended compensation interval for time period loans relying on the kind of funding.
Is there any insurance coverage supplied with KCC?
Eligible crops could also be lined beneath ‘Pradhan Mantri Fasal Bima Yojna’ on premium fee. Debtors also needs to go for private accident insurance coverage and medical insurance (wherever relevant).
What are the paperwork required to use for KCC?
ID proof corresponding to driving license/Aadhaar card/voter id card, passport, and many others is required. Additionally, proof of landholding duly licensed by the income authorities, cropping sample (crops grown) with acreage, safety paperwork for mortgage restrict, passport dimension pictures should be submitted.
How are you going to apply for KCC on-line and offline?
These trying to apply for KCC playing cards can apply on-line on the web site of any financial institution that provides this facility. There needs to be a ‘Kisan Credit score Card’ part beneath ‘Playing cards’. Candidates are required to fill out the PM Kisan Credit score Card on-line utility type with the required particulars and submit.
These trying to apply it offline, can obtain the applying type, go to the closest financial institution department that provides the ‘Kisan Credit score Card’ scheme and submit the crammed up type.