Kisan Credit Card Benefits and Features: Check out the features and benefits of Kisan Credit Cards

Kisan credit card benefits and features: The Kisan credit card system was launched in 1998, and through this system farmers get access to formal credit, which they can use to buy seeds, fertilizers, pesticides. Kisan credit card (KKC) is a special provision through which the farmer can get money from the bank at a low interest rate. Here, the farmers are also provided with a passport book that contains information about the loan limit, land holdings and beneficiaries. Kisan credit card (Kisan credit card) provided by commercial banks as well as state cooperative and regional rural banks.

Kisan credit card benefits and features

Kisan credit card benefits and features

Kisan credit card benefits and features

  • Farmers are credited for meeting their economic needs for agriculture and other allied activities along with post-harvest spending.
  • Farmers can take out loans up to Rs 3 lakh and can also get marketing loans.
  • Insurance coverage up to Rs 50,000. for holders of KCC plan in case of permanent disability or death. A protection of Rs 25,000 is given for other risks.
  • In addition to the Kisan credit card (KKC), the eligible farmers will receive a savings account with smart cards and debit cards with attractive interest rates.
  • Single loan facility / time loan for all agriculture and allied needs.
  • Assistance in the procurement of fertilizers, seeds, etc. and assistance in the utilization of cash discounts from traders / traders.
  • The credit is available for a period of up to 3 years and can be repaid at the end of the harvest season.
  • No collateral will be required for loans up to 1 lakh 60 thousand Rs.

Eligibility criteria for the Kisan credit card lending system

Kisan credit card (The eligibility criteria for Kisan credit cards) are as follows:

Every single farmer who is an owner-grower.
People who belong to a group and are joint borrowers. The group must be the owner-tenant.
Co-owners, tenants or an oral tenant are entitled to KCC.
Self Help Group (SHG) or Joint Liability Group (JLG) shareholders, farmers, tenants, etc.
Farmers are involved in the production of crops or allied activities such as animal husbandry as well as non-agricultural activities such as fishing.

Kisan Credit Card (KKC) Application Process

The application process for Kisan credit cards can be done online as well as offline.

Online : Visit the website of the bank where you want to apply for the KCC system.
Select Kisan credit card from the list of options.
When you click on the “Apply” option, the website will redirect you to the application page.
Fill in the form with the necessary information and click “Submit”.
Then a reference number is sent for the application.
If you are eligible, the bank will get back to you within 3-4 working days for further processing.

Off-line: The offline application can be made by visiting the bank’s branch of your choice or even by downloading the application form from the bank’s website. Applicants can visit the office with the help of a bank representative and begin the application process. When the formalities are completed, the bank’s loan managers can help with the loan amount for the farmer.

Longer repayment period for Kisan credit card loans

Most banks in India that offer Kisan credit card loans (KCC) are looking for a longer repayment period for the loans. It has been suggested that the agricultural sector is under significant pressure. The loan cycle provided under the Kisan credit card system has been proposed to be extended from 12 months to 36 or 48 months. It was proposed at the consultation meeting for banks at state level in West Bengal.

In addition to increasing the repayment period for Kisan credit card loans, banks have also suggested that farmers be allowed to take out additional loans even after they have not been able to repay the previous loan. But to do that, they have to earn the interest. Public sector banks have recently started a 3-step consultation process based on the instructions of the Department of Financial Services.

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