Pradhan Mantri Kisan Credit Card Scheme: This credit card is a blessing for farmers as it provides loans at cheap rates.
Kisan Credit Card is a special credit card scheme offered by KCC Loan and Commercial Bank Cooperative Bank and Regional Rural Bank. The Kisan Credit Card Day has played an important role in improving the livelihood of farmers and strengthening the rural economy. If the farmer friends who have Kisan Credit Card and are in need of a loan, they are given loans at low interest rates through Commercial Bank Cooperative Bank and Regional Rural Bank.
Pradhan Mantri Kisan Credit Card Yojana
The credit card scheme was launched by the central government in the year 1998 to provide loans to farmers at subsidized rates, after which many successful schemes have also been included in it. Currently, about seven crore farmers in India are taking advantage of this card. Through the Kisan Credit Card, farmers can get short-term loans when needed. Its aim was to provide reliable sources of loans to farmers to make them sustainable. In the meantime, many changes have been made to this scheme by the year 2023.
The Kisan Credit Card (PM-KCC Loan Scheme) scheme was launched by the central government in the year 1998 to provide loans to farmers at cheap rates. After which many successful schemes have also been included in it. At present, about 7 crore farmers in India are taking advantage of this card. Through the Kisan Credit Card, farmers can take short-term loans when needed. Its purpose was also to provide a reliable source of loans to empower farmers. Meanwhile, many changes have been made in this scheme by the year 2023.
Benefits of Kisan Credit Card
Kisan Credit Card now offers other facilities along with loans. This card is used to purchase pesticides and fertilizers, for irrigation storage and marketing expenses. So far, crores of farmers have benefited from this card.
How to use
Kisan Credit Cards are issued by various financial institutions including commercial banks, cooperative banks and regional rural banks. Flexible loans are provided for agricultural needs. This card is a single window system for farmers. No document process is required to take a loan through this credit card. More than seven crore farmers are using this card.
How to get Kisan Credit Card
To get this card, you will have to contact a local commercial bank or regional rural bank, where you will have to apply for a Kisan Credit Card, in which you will have to provide all the necessary personal and farming information.
Apart from this, you will also have to provide information about your income and previous borrowers. Along with the application form, you will also have to submit several necessary documents.
Required documents
To get a Kisan Credit Card, you will have to submit the required documents along with the application form.
Income example
- Proof of ownership of agricultural land
- Details of loans taken from previous lenders
- The above documents will have to be attached with the application form, after which the bank will issue the Kisan Credit Card after verifying the submitted application form and documents.
Use of Kisan Credit Card
Credit cards can be used to borrow money for agriculture and related activities. You can also use them for purchasing fertilizers, pesticides, and machinery, irrigation, storage, and marketing expenses.
The purpose of this card
The loan application process is meant to be simplified for farmers, requiring minimal documentation, making the process very easy.
How much interest is charged?
The interest rate has a lot of repercussions. If you take a loan of up to three lakh rupees in this card, you will be able to get this amount at an annual interest rate of only 4% and if you want to take a loan of more than this, you will have to pay for it in separate installments. You can pay in flexible installments according to the time after the crop is harvested and after it is sold. To ensure timely payment of installments, the government also provides a discount on the interest of Kisan Credit Card, as a result of which the interest burden on farmers is reduced.
Insurance is also available.
Farmers holding this card also get accident insurance cover which provides financial security to farmers and their families in case of accidents. This card helps in increasing the financial capacity of farmers and facilitating access to credit. It helps in increasing agricultural productivity by ensuring timely credit for essential inputs and improving cash flow management of farmers.
Important Links
| Pradhan Mantri Kisan Credit Card Yojana | View |
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