Farmers will get loan for Kisan Credit Card

 Kisan Credit Card is a scheme of the Government of India which aims to protect unorganized sector farmers from higher interest rates usually charged by lenders like Sahukar. For which the loan amount is not taken, other information will be understood through this article

Features and Benefits of Kisan Credit Card kisan credit card yojana

Following are the features and benefits of Kisan Credit Card

• Interest rates can be as low as 2.00%
• Loan amount up to 1.60 lakhs is provided without any security
• Farmers are given benefit on crop insurance scheme
• Up to Rs 25,000 on permanent disability and death and against other perils
• The repayment period is based on five lakhs and the business period for which the loan amount is not taken
• Under this scheme, maximum loan can be taken up to 3 lakh rupees
• Farmers get high interest rates on savings in their Kisan Credit Card accounts
• Simple interest is charged daily or a compound interest rate is applied until the consumer pays promptly

Top banks offering loan on kisan credit card in india kisan credit card yojana

The Kishan Credit Card scheme was set by the board of the Yojana and is followed by all major banks in India. The top banks offering Kishan Credit Card are as follows

• State Bank of India
• Axis bank
• HDFC Bank
• Bank of India

All the banks offering Kisan Credit Card offer discounts in interest rates as per government instructions

Kisan Credit Card Interest Rate

The interest on Kisan Credit Card varies from bank to bank but most banks offer interest sub-loans under government schemes where the interest can be as low as 2.00 percent.

Kisan credit card eligibility kisan credit card yojana

Eligibility to apply for Kisan Credit Card is as follows

• Persons who are owner farmers
• All farmers are share copper in agricultural land
• Joint Liability Groups which include Indian Farmers
• All farmers who are engaged in crop production or any allied activities as well as non-agricultural activities will be eligible for short term loans
• Farmers should be residents of the bank area
• Farmers with individual or joint poultry farms are eligible

Documents required for kisan credit card kisan credit card yojana

While applying for Kisan Credit Card applicants have to submit the following documents which are as follows

• Aadhaar Card
• PAN card
• Voter ID
• Driving license
• Passport size photograph
• Any government accepted ID
• Duly filled and signed application form
• Bank account passbook
• Mobile number

How to Apply Online for Kisan Credit Card?

If farmers want to avail Kisan Credit Card online benefits then they can easily apply online by following the below mentioned steps

• First visit the website of your preferred bank
• Visit their Kisan Credit Card section
• Fill the application form correctly
• Submit the application and required documents to the nearest bank branch
• The loan officer will share the necessary information with the applicant
• The card will be sent as soon as the loan amount is approved
• After receiving the Kisan Credit Card the customer can start using the credit card
• Farmers seeking Kisan Credit Card can also meet the bank officer and contact the bank officer. The officer will help the applicant to fill the form and then the loan officer will share the necessary details and process the application.

How does Kisan Credit Card work?

Kishan Credit Card differs from regular secured credit cards in that it works in the following way

• Customer should visit the bank and then apply for Kisan Credit Card
• The loan officer will decide the loan amount to be given to the applicant which can be up to 3 lakh rupees
• Once the amount is approved, the Kisan credit card of the consumer and the bank will be issued
• The card holder can now purchase items on that credit limit
• The interest rate will be applicable only on the loan amount taken
• Timely repayment will ensure that the minimum interest rate is applicable on the loan taken

Kisan offers dynamic loans to the credit card holder this means that the loan amount can be taken as per their requirement up to the maximum credit limit rather than usage, this will ensure that they do not have to pay huge interest associated with a large principal amount.

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