This post is also available in: हिन्दी (Hindi)
How To Get The Kisan Credit Card Loan – Just like all the major parts of the world, India’s financial status also depends on agriculture directly or indirectly. And the farmer is one of the most important assets of our country. There is also a well-known saying in Hindi – “Jai Jawaan, Jai Kisan” which correctly defines the importance of an army man as well as a farmer for the development of a country. But as we all know, the condition of the farmers in our country is not good.
That’s why the Indian government keeps on introducing various new schemes for the welfare of the farmers of our country. One such scheme is the Kisan Credit Card Scheme (KCC) which has been introduced in order to provide financial help to the farmers in the country.
History of Kisan Credit Card Loan –
The Kisan Credit Card Scheme was first started in August 1998 by the NDA government in the cultivation season in order to cope with the loan needs of the farmers. This scheme was first presented in the budget 1998-99 by finance minister Yashwant Sinha which proved to be a lot beneficial for all the small and big farmers of the country. As a result, after consultation with major banks based on the Gupta Committee by NABARD, the ideal Kisan Credit Card Scheme (KCC) was prepared.
So, by the end of this article, you would be knowing many new things such as What is KCC, how much interest does it takes from the farmers on loans issued, how can you apply for this loan ?, and other valuable information about Kisan Credit Card Scheme.
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What exactly is the Kisan Credit Card Scheme?
I think every one of us would be knowing what is Kisan Credit Card Scheme (KSS) but still, for those of you who don’t have any clue about what is KCC, don’t worry, all your doubts would be gone by the end of this article. The Kisan Credit Card scheme was introduced by the Indian government to fulfill the needs of the farmers in the cultivation season of the crops.
This scheme was mainly introduced in order to provide financial help to poor farmers of the country at reasonably low rates of interest. This scheme was prepared by National Bank Agricultural And Rural Development on the recommendations of the Reserve Bank Of India (RBI). This scheme came into action in all banks including public banks, co-operative banks, and regional rural banks in 1998.
Kisan Credit Card (KCC) is a credit card especially for farmers with the help of which they can get a loan at very less rate of interest. They have to pay the interest in only that amount, which they had borrowed from the bank.
Objectives of Kisan Credit Card Loan Scheme –
There are some main objectives of this scheme:
- Providing financial help to farmers during new crop cultivation.
- Creation of Marketing loan.
- To meet short-term loan requirements to cultivate crops.
- To provide loans for the cultivation of agricultural assets and cultivation of inland fish such as inland diary, gardening flowers.
Features of Kisan Credit Card Scheme –
You must be wondering what are all the distinct features of this scheme. So here we go:
- This scheme provides Credit to the farmers in order to meet the various requirements related to agriculture.
- It provides a financial cover of up to 50,000 rupees if any mishappenings happen with the farmers, such as accidents or death.
- It provides a culture program after the cultivation season.
- KCC users can get cash withdrawals as a loan from the bank.
- Loans are easy to get with minimum paperwork.
- KCC assessment is done on the basis of farmers’ land, income, and previous credit history.
- It ensures that the farmers are not burdened under the weight of loans they borrow for the cultivation of crops.
What is the rate of interest under KCC?
KCC provides loans to the farmers at the minimum interest rate of 7 %. If the farmer is able to repay the loan by the right provides time, an additional 3 percent cut is made in the interest rate. So, it means that if a farmer is regular in repaying all his loan amount in the expected period of time, he can get a loan for as low as 4% rate of interest.
Insurance under the Kisan Credit Card Loan Scheme?
Various insurance policies are also included in this KCC scheme:
- A 50,000 insurance on the death of the farmer.
- A 25,000 insurance on any major accident of the farmer.
- All these insurance covers are provided for ages as much as 70 years.
Important documents for Kisan Credit Card Loan (KCC) –
You will need the following important paperwork for claiming the benefits of the KCC scheme:
- Demand promissory notes.
- Composite Hypothesis Agreement (CHA-1)
- Letter of Authority (AG-15)
- Repayment of advance or sale of produce within 12 months.
- Bank lien to notify the storage unit.
- According to the Agricultural Loan Act or Legal Mortgage of Land (CHA-4), the charges on the land.
- Pledge Letter (OD-159)
- Plagiarism of systematic archive collection receipt
The next big question is – What are the rules being used in the Kisan Credit Card Loan Scheme?
- Farmers are provided with a specific sum of money as a loan under this scheme. No farmer can get more loan amount than the pre-specified limit.
- The limit of KCC is 3 lacs, so processing fees are either forgiven or lessened.
- The amount that you withdraw as a loan under the KCC scheme, is the only amount on which you have to pay the rate of interest while repayment of the loan.
- Any farmer can apply for claiming the benefits of this scheme. There are no special requirements.
Now, the final and the biggest question is – How do you apply for the Kisan Credit Card Loan (KCC)? –
You can follow the tips given below by the farmers in order to get your own Kisan Credit Card:
- You will have to contact your nearest Agricultural bank branch to apply for the KCC.
- You will have to get all the information about this scheme from there.
- You will need to fill the application form and submit the copies of all the asked documents.
- After that bank will verify your application, and if you are eligible for the scheme, you will be provided a Kisan Credit Card.
- You can also visit the SBI website to get additional information on this topic by clicking here.
So, in this way, you can take benefits from the Kisan Credit Card Loan scheme run by the government. If you liked the above information, don’t forget to share it with your friends, and if you have any doubts, do not hesitate to reach out to us by posting your questions in the comment box below. We will reply to you as soon as possible.
This post is also available in: हिन्दी (Hindi)
जरुरी सूचना :- यह वेबसाइट किसी भी सरकारी योजना के लिए आधिकारिक वेबसाइट नहीं है | और न ही किसी सरकारी संस्था से जुड़ी है। कृपया इसे आधिकारिक वेबसाइट न समझें और अपना संपर्क / व्यक्तिगत जानकारी जैसे - आधार नंबर या मोबाइल नंबर की जानकारी नीचे कमेंट बॉक्स में न दें | इस साईट को हमारी टीम द्वारा आपको सामाजिक , सरकारी , बैंकिंग और अन्य तरह की जरुरी जानकारी आप तक पहुचाने के लिए बनाया गया है | साईट पर उपलब्ध सभी जानकारी विभाग की ऑफिसियल वेबसाइट , खबरों की वेबसाइट और न्यूज़ पेपर द्वारा ली जाती हैं | जिसमें ऑफिसियल वेबसाइट की लिंक भी दी जाती है |
कोई भी जानकारी का उपयोग करने से पहले विभाग की ऑफिसियल साईट जरुर चेक करें | कभी कभी लेख लिखने के बाद ऑफिसियल वेबसाइट में फेरबदल कर दिया जाता है | इसके साथ ही लेख लिखने में गलती संभव है | इसलिए प्रत्येक जानकारी की समीक्षा अन्य श्रोंतों से भी कर ले | यदि साइट पर उपलब्ध किसी जानकारी से आपको कोई परेशानी है तो आप हमें कमेंट बॉक्स में कमेंट करके जरुर बताएं | हमें उसे जल्द से जल्द सही करने की कोशिश करेंगें ||| धन्यवाद ||