KCC-Kisan Credit Card: What is the limit of money, interest and guaranteed loans on KCC for farming farmers?
The Modi government is running a campaign to give more and more farmers KCC i.e. Kisan Credit Card. During the Corona lockdown, the government had targeted to give cards to 2.5 crore farmers. So far, 1.5 crore new beneficiaries of this scheme have been created. One crore more people have to make cards for free. The role of banks is important in meeting this target. State Bank of India has given complete information about its card.
To increase the scope of KCC scheme, the government has asked banks to set up camps in villages. Also, the processing fee incurred for making it has been abolished. It has been linked to the Prime Minister Kisan Samman Nidhi Scheme (pm kisan samman nidhi scheme). So that it is easy to make KCC. Under the PM Kisan Scheme, the central government has verified all the data of crore farmers. Therefore, the bank cannot condone giving KCC.
SBI Card Features and Benefits
- – Interest is given at the rate of savings bank on the credit balance in the KCC account.
- Free ATM-Debit Card (State Bank Kisan Card) is given for all KCC borrowers.
- Interest rebate is available at the rate of 2 per cent per annum for loan amount up to 3 lakh.
- – Additional interest discount is given at the rate of 3 percent per annum on timely return of money.
Unsecured loans up to 1.60 lakhs
- Notified crops / fields for KCC loans are covered under crop insurance.
- The quantum of loan for the first year will be determined on the basis of agricultural cost, post-harvest expenses.
- The loan will be sanctioned on the basis of increase in the amount of finance during 5 years.
- Guarantee not required for KCC limit up to 1.60 lakh.
- After the due date, compound interest will be charged half yearly.
- – Duly filled application
- form – Proof of identity – Voter ID card, PAN card, Passport, Aadhaar card, DL etc.
- -The farmers doing individual farming or joint farming are eligible for this.
- -Patted farmers, share croppers and self-help groups can also benefit.