PM Kisan credit card benefits: Kisan credit card will be made for all farmers, read benefits

PM Kisan credit card benefits: According to the update in June 2019, the Government of India intends to reach 1 crore farmers in 100 days through Kisan Credit Card Scheme. KCC loans provide a source of formal credit to farmers! So that someone in the agricultural sector, you can avoid stepping into the debt trap associated with informal lending. Instead, you can use low-interest funds by obtaining a Kisan credit card. Kisan Credit Card (KCC) is a credit card specially designed for farmers.

PM Kisan credit card benefits

To meet all their needs for agriculture, farm maintenance and investment needs. Kisan credit cards are also called agricultural cards. Features of Kisan Credit Card (KCC) include high value loans that can be used for multiple needs, quick and easy loan penalties, low interest rates, services from a dedicated relationship manager, etc. This special credit card for farmers is beneficial in the long run.

Kisan credit card benefits

Some of the major benefits of the Kisan credit card system are:

  • Credit payment is hassle free!
  • When maintaining a credit balance on the Kisan credit card account, savings bank interest is provided.
  • The interest rate on KCC is low!
  • It provides maturity loans / single loan facilities for all agricultural and related financial needs.
  • KCC also offers flexible repayment options to cardholders.
  • The KCC system helps farmers to buy fertilizers, seeds, etc., and helps them get discounts from retailers or traders.
  • Because loans are readily available to farmers, their reliance on informal credit sources as lenders decreases.
  • There is minimal documentation and maximum flexibility associated with withdrawing money required by the cardholder from the issuing bank.

Kisan credit card eligibility criteria

  • Every single farmer who is an owner-grower!
  • People who belong to a group and are common borrowers! The group must be the owner-tenant. (Kisan Credit Card Yojana)
  • Sharecropper, lessee or an oral lessee are entitled to KCC.
  • Self Help Group (SHG) or Joint Liability Group (JLG) shareholders, farmers, tenants, etc.! (Kisan credit card)
  • Farmers are involved in the production of crops (KCC) or related activities such as animal husbandry as well as non-agricultural activities such as fishing.

credit limit for kisan credit card

Among the many schemes announced in the Union’s Budget 2020-21 under this scheme (Kisan credit card), the Minister of Finance has set a target for agricultural credits for Indian farmers. 15 lakh crore for the financial year 2020-21! According to the Minister of Finance, all eligible farmers under the PM-Kisan system will be covered by the Kisan credit card system. According to RBI’s guidelines, borrowers are free to decide the amount they want to sanction. This means that there is no fixed credit limit for KCC.

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