Kisan Credit Card: Nirmala Sitharaman has recently announced a concessional credit of Rs 2 lakh crore for benefitting 2.5 crore farmers by the Kisan Credit Card (KCC) scheme. The government will now make a special drive to give the credit to PM-Kisan beneficiaries via the Kisan Credit Card (KCC). Adding more to the good news is that KCC scheme would now cover Fishermen and Animal Husbandry, as announced by the Finance Minister.
The central governments this beneficial step is likely to help farmers get credit at concessional rates. State Bank of India (SBI), the country’s largest bank is also providing Kisan Credit Card to farmers. This SBI KCC scheme comes with huge benefits for farmers. Farmers can easily apply for it by filling a form.
Now, the question comes that which farmers can apply for SBI KCC scheme? What are the benefits of Kisan Credit Card scheme for farmers? How can they apply for it?
SBI KCC Scheme: Features & Benefits
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Get interest at saving bank rate on credit balance in KCC account.
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Free ATM cum debit card (State Bank Kisan Card) for all KCC borrowers is given.
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Interest subvention @2% p.a is available for loan amount upto Rs. 3 lakhs.
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Additional interest subvention @3% p.a for prompt repayments is provided to farmers.
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Notified crops or notified areas are covered under crop insurance for all KCC loans.
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Quantum of loan for 1st year will be assessed on the basis of Cost of cultivation, post-harvest expenses & farm maintenance cost.
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For subsequent 5 year loan will be sanction on the basis of increase in scale of finance under SBI KCC Scheme.
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Collateral security is waived for KCC limit upto Rs 1.60 lakh.
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Sanctioned Kisan Credit Card limit will be considered for the purpose of fixing collateral security requirement.
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Simple interest @7% p.a will be charged for 1 year or upto the repayment due date, whichever is earlier.
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In case of non-repayment within the due dates interest is applied at card rate.
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Beyond due date interest will be compounded half yearly for farmers.
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The repayment period may be fixed according to the anticipated harvesting & marketing period for the crops for which a loan has been granted.
SBI KCC Scheme: Eligibility Criteria
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All farmers, individuals or Joint cultivator owners
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Tenant farmers, oral lessees & share croppers etc.
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Self Help Groups (SHGs) or Joint liability groups which includes tenant farmers.
SBI KCC Scheme: Documents Required
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Duly filled in application form i.e. applicant must fill all the required details in the form.
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He must provide identity proof which includes Voter ID card or PAN card / Passport / Aadhaar card / Driving License etc.
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The applicant must have his address proof like Voter ID card / Passport / Aadhaar card / Driving license etc.
Direct Link of KCC Application Form
Source: SBI
