How to online apply for PM KISAN CREDIT CARDs?
It wouldn’t be too much of a stretch to say that most farmers would not benefit from credit cards provided by most banks. In order to deal with this issue, the Government launched Kisan Credit Cards or KCCs.
The Kisan Credit Card (KCC) scheme was launched in 1998 with the aim of providing short-term formal credit to farmers. Owner cultivators as well as tenant farmers can avail loans to meet their agricultural needs under this scheme at attractive rates of interest. The government has also simplified the application process to increase interest among farmers. Repayment is also simplified and dependent on the harvesting season, reducing the farmers’ debt burden.
The basic features associated with the card are mentioned below:
- Credit to meet the financial requirements of agricultural and other allied activities.
- Ancillary credit for crop production and other contingencies.
- Investment credit for agricultural requirements such as dairy animals, pump sets etc.
- Produce marketing loans.
- Post-harvest expenses.
- Insurance coverage for Kisan Credit Card holders, including asset insurance and personal accident insurance scheme (PAIS).
Salient Features of Kisan Credit Card Loan Scheme:
Given below are some of the ancillary features available under the Kisan Credit Card Scheme as mandated by the RBI:
- All farmers who are eligible for the Kisan Credit Card will be issued a smart card cum debit card in addition to the Kisan Credit Card.
- The facility of revolving credit is available for any amount of withdrawals and repayments made within the credit limit. However, instalments of the amount withdrawn have to be repaid within 12 months.
- Based on the annual review, banks will determine the validity of the existing credit card.
- Credit limits can be increased at the issuing bank’s discretion to accommodate for changes in cropping pattern, increase in operating costs, etc. as an incentive for good record on credit card usage.
- Conversion/rescheduling of loans also permissible in case of damage to crops due to natural calamities.
ONLINE APPLY PM KCC WATCH VIDEO IN GUJARAT
Benefits of Kisan Credit Cards
- Flexible repayment options and hassle-free disbursement procedure.
- Single credit facility/ term loan for all agricultural and ancillary requirements.
- Assistance in the purchase of fertilizers, seeds, etc. as well as in availing cash discounts from merchants/ dealers.
- Credit is available for a period of up to 3 years and repayment can be made once the harvest season in over.
- Minimal documentation and maximum flexibility offered for withdrawal of the required funds from the issuing bank.
- Funds can be withdrawn from any of the bank’s branches across the country.
