Kisan Credit Card is a Government of India scheme which aims to save farmers from high-interest rates usually charged by money lenders in the unorganised sector. The interest rate can be as low as 2.00% under this scheme. Moreover, the repayment period is based on the harvesting or marketing period of the crop for which the loan amount was taken. Other details are given below.
The features and benefits of Kisan Credit Card are:
Interest rate can be as low as 2.00%
Collateral free loans up to Rs. 1.60 lakh
Crop insurance scheme is also provided to farmers
Following Insurance coverage is provided
Up to Rs. 50,000 against Permanent Disability and Death
Up to Rs. 25,000 is provided against other risks
Read in Gujarati(ગુજરાતીમાં વાંચો)
Repayment period is based on the harvesting and marketing period of the crop for which the loan amount was taken out
Loan amount up to Rs. 3.00 lakh can be taken out by the card holder
Collateral is not required on loans up to Rs. 1.60 lakh
Farmers get high interest rate on the savings in their Kisan Credit Card Account
Simple interest rate is charged as long as the user makes prompt payment. Otherwise compound interest rate becomes applicable
Kisan credit card loan is provided to anyone who is engaged in agriculture, allied activities or other non-farming activities. Following is the detailed criteria to be eligible for Kisan Credit Card loan:
Kisan Credit Card loan Application Form ( કિસાન ક્રેડિટ કાર્ડ લોન અરજી ફોર્મ )
Minimum Age – 18 years
Maximum Age – 75 years
In case a borrower is a senior citizen (age more than 60 years), a co-borrower is mandatory where the co-borrower should be a legal heir
All farmers – individuals/joint cultivators, owners
Tenant farmers, oral lessees, and sharecroppers, etc.
SHGs or joint liability groups including tenant farmers.
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