[KCC*] HOW TO APPLY FOR KISAN CREDIT CARD

 

 Kisan credit card [KCC] detail  application process, interest rate, and subsidy.

 What are the major benefits of making a Kisan Credit Card? -

In this article all the important facts related to Kisan Credit Card [KCC] like -

• How to make a Kisan Credit Card?
• What is the interest rate on Kisan Credit Card?
• How much subsidy is available on interest?
• Documents required to create KCC?
• Which banks make Kisan Credit Cards?
• And how is the settlement of NPA loan?
• Complete information has been given about this.

Kisan Credit Card - Complete information about application, interest rate, subsidy, settlement

                                                                   if want to read in Hindi -click here 

Through this card, farmers are given loans in proportion to their land for various activities related to their farming, such as buying fertilizer, repairing agricultural equipment, buying irrigation equipment, etc.

The Kisan Credit Card Scheme was started in 1998 on the recommendation of the KC Gupta committee, it ensures the availability of capital to farmers for their farming activities,

 What documents are required to get a Kisan Credit Card,

To make this card, the farmer needs the following documents:

• khasara report of land 
•  Khatauni
• 5 passport size photo
• Photo copy of bank passbook
• Aadhaar card photo copy

Note- Under this scheme, farmers can submit their land documents to the bank and get a single farmer credit card on only one land document.

If any other bank's loan is registered on the land documents of the farmer, then it is also compulsory to dismiss the filing.

online KCC application form DOWNLOAD -CLICK HERE

Which banks make Kisan Credit Cards?

Farmers can also make credit cards through any public sector bank, regional rural bank, cooperative bank and private banks.

The names of some of the major banks are given below.

• 
  
• State Bank of India
• Punjab National Bank
• Union Bank of India
• Canara Bank
• ICICI Bank
• District Co-operative Bank
• Narmada Satpura Gramin Bank
• HDFC bank

But not more than one Kisan Credit Card is made by a farmer in the context of the same land.

Interest rate and subsidy on interest on Kisan Credit Card

The rate of interest under this scheme is simple at 7% per annum.

For example, if a farmer makes a farmer credit card of ₹ 100000, then he has to pay ₹ 7000 as interest.

Under this scheme 3% interest subsidy is also given, but this subsidy is available only to the farmers who have repaid their loan amount within 1 year.

Under this scheme, 3% interest subsidy is available only on loan amount of maximum ₹ 300000. No interest subsidy is available on loans above three lakhs, such farmers have to pay 7% annual interest.

For example, if someone has made a KCC of ₹ 500000, then he has to pay only 4% annual interest on the amount of ₹ 300000, because he gets an interest subsidy of 3% and he has to pay full interest on the remaining amount of ₹ 200000. .

Note- The interest rate on the Kisan Credit Card can also vary from bank to bank, with 7% shown as a normal average.

That is, while applying in this scheme, farmers should also take complete information about the interest rate from the bank officer.

Kisan Credit Card is valid for 5 years and it increases by 10% every year.

For example, if a farmer has made a farmer credit card worth ₹ 100000 on his land,

1. First year ₹ 100000
2. Second year ₹ 110000
3. 3rd year ₹ 121000
4. Fourth year ₹ 133000
5. And the final year is ₹ 147000.

But for this, it is necessary that the farmers deposit their loan and interest on it within the time limit every year.

 What are the major benefits of creating a Kisan Credit Card? -

The interest rate on this is quite low, about 7% per annum as well as 3% discount on interest which is much cheaper than other loans in the market.

The Kisan Credit Card attracts interest only on the amount that is withdrawn from KCC and not on the entire amount.

Through this card, the farmer can withdraw money whenever he wants to meet his agricultural needs, he will not need to borrow from anyone at an expensive interest rate.

Under this scheme, it is mandatory for the farmers who make their card to be registered under Pradhan Mantri Fasal Bima Yojana, by registering crop insurance, farmers also get compensation in case of loss of crops due to various natural calamities.

KCC's NPA loan settlement information-

If a farmer is not able to deposit the loan amount of the Kisan Credit Card due to any reason, in such a situation, that account becomes NPA after a certain time limit, in such a situation, the farmer should not panic, he should go to the concerned bank branch for KCC loan. The process of settling the account should be asked.

Through the government and the Reserve Bank of India, farmers have made plans to settle their accounts in minimum amount,

The bank officer will provide you complete information about the amount and how much time KCC will have NPA loan settlement

It should be noted here that settlement of KCC loan will be done only in case of NPA, Standard account cannot be closed through settlement.

 KCC Loan Scale of Finance -

Under this scheme, the amount of loan is fixed to the farmer on the basis of the ratio of his land as well as the scale of finance applied in that area.

That is to say, in simple words, how many bighas or acres or hectares of debt is available, this is called scale of finance,

This scale of finance varies from region to region, as well as finances vary depending on the crop being sown.