National Bank for Agriculture & Rural Development, Government of India started the Kisan Credit Card (KCC) Yojana. Under the KCC Yojana, Government of India will provide credit cards to the farmers.
Read the article to know details regarding
- How you can apply for Kisan Credit Card Loan
- The objective of Kisan Credit Card Loan 2020 Scheme
- Eligibility to fill KCC Application Form 2020
- Benefits of KCC Yojana
- KCC Loan Interest Rate
Kisan Credit Card Loan 2020 Scheme: KCC Yojana
KCC Yojana is launched to fulfil the financial requirement of the farmers. The Kisan Credit Card will work as Credit cum Debit card.
KCC Loan Interest Rate
KCC Loan facility provides 3% subsidy on the Credit limit of INR 3 Lakh. This subsidised interest will fulfil the financial requirements of the farmers in India.
Many cooperative banks, public sector banks, and regional rural banks of India along with the topmost banks will provide the KCC Loans. Some of the banks include State Bank of India, ICICI Bank, AXIS Bank, Bank of India etc.
Kisan Credit Card Credit Limit
The credit limit for the Kisan Credit Card will be determined by the income from the agricultural sources. A bank will provide the loan for 3 years at 7% interest rate per year on a credit amount of Rs. 25000.
Kisan Credit Card Credit Loan Scheme Objective
The objective of KCC Yojana is to provide financial support to the farmers of the country. KCC Scheme will make the farmers self-dependent. It will help them in fulfilling their requirements related to agriculture works.
Features of Kisan Credit Card Loan
- Kisan Credit Card Loan is offered to fulfil the financial requirements of the farmers like for purchasing seeds and fertilizers, post-harvest expenses, other agricultural-related expenses.
- Under KCC Yojana, a farmer can take short term loan of up to Rs. 3 Lakh for 5 years.
- KCC Yojana provides loan up to Rs. 160000/- without any guarantee.
- For loan above Rs. 160000/-, the cardholder has to keep his land as mortgage and assure good quality of crops.
- KCC Loan Interest Rate is 7%. However, if the repayment of the loan is done within a year then 3% interest is waived. So, the actual KCC Loan Interest Rate charged will be 4%.
- KCC Scheme will provide benefits to the 14 crore farmers of the country
- Personal Accident Insurance cover is also provided to the KCC holders
- The farmer should be a citizen of India
- KCC is valid for tenant farmers, oral lessees and sharecroppers
- Farmer should have an Aadhar Card, Pan Card and address proof
Benefits of Scheme
- A Credit cum Debit card
- Credit is provided at a subsidized rate of interest
- 3% extra subsidy is provided on prompts repayment
- KCC offers a flexible payment method
How to Register For Kisan Credit Card Loan
- Farmers who want to apply for Kisan Credit Card can apply at the nearest bank branch of any cooperative banks, public sector banks, and regional rural banks of India.
- The bank will sanction the Credit according to the income of the farmer after verifying all the documents.
- If the credit limits are above from Rs.1, 60,000/-, the cardholder has to submit the papers of the agriculture land as security.