Kisan Credit Card Scheme Full Information

Our India is an agricultural country. More than 50% of India’s land area is used for agriculture. Almost all crops are grown in India, but many farmers are turning away from agriculture due to incessant rains, drought, and low yields.

To prioritize farmers and agriculture, the Government of India is implementing various schemes for farmers, one of which is the Kisan Credit Card Scheme. In this article, we will look at the details of what this scheme is all about, the benefits of this scheme, how to apply for this scheme.

Kisan Credit Card Scheme Full Information
Kisan Credit Card Scheme Full Information

Index

  •     Kisan Credit Card Scheme Information
  •     Documentation
  •     Eligibility
  •     Interest Rate and Other Fees
  •     How to Apply?
  •     Benefits

Kisan Credit Card Scheme Information

Kisan Credit Card Scheme is a scheme implemented by the Government of India for farmers in India, started in 1998. Under this scheme, the farmer gets the loan amount instantly, which is the objective of the Kisan Credit Card Scheme

In this scheme, a specific loan amount is given to the farmer for a fixed period. The project was initiated by NABARD (National Bank for Agriculture and Rural Development). The idea of ​​the development of the peasantry is hidden in the Kisan Credit Card Scheme.

Fisheries and animal husbandry are seen as side businesses besides farming. The Kisan Credit Card Scheme has been introduced to cater to the small needs of agriculture, animal husbandry, fisheries industries, and the essentials of the company. The scheme provides credit to the farmer for meeting the cost of animal feed, feed spraying.

We use some of it in our daily life, just like a credit card, but we see the difference in some things like the letter, limit, and interest rate.

The farmer has to pay a minimum interest rate on the expenses received under the Kisan Credit Card Scheme, which eliminates the farmer’s debt, and the farmer can repay the loan at the time of harvest, i.e., at his own income.

documents

  • Online copies of the filled application form.
  • Aadhar Card, PAN Card, Voting Card, Driving License, etc., for personal proof.
  • Land documents, such as Sabara.
  • Passport size photo.
  • PAN card, Aadhar card, Motor card, Ration card, Resident certificate, etc., as proof of residency.

Eligibility

  • Must own farmland.
  • The age of the farmer should be between 18 to 75 years.
  • Farmers who have applied for Kisan Credit Card at Go Bank or Bank branch, the farmer, should be a resident of the bank or the addition of the bank branch.
  • Farmers who cultivate from cultivable land on a lease basis are also eligible to avail of the benefits of this scheme.
  • The farmer’s field produce should be worth Rs.5000 or more.
  • Farmers above 60 years of age will be eligible for this scheme only when they have a co-borrower.
  • To take advantage of this scheme, people who run a fishing business need to own a fishing-related component, such as a lake, a boat, and more.
  • .
  • Livestock traders or farmers should own sheds, goats, and sheep.
  • Dairy farmers need their own sheds or rented sheds.

The Interest rates and other charges 

The interest rate charged on the Kisan Credit Card depends entirely on the credit card limit but can range from a minimum interest rate of 2% and a maximum interest rate of 4% to 7%.

Apart from interest rates related to Kisan Credit Cards, processing fees, fees for a mortgage of land, and other charges are fixed by the bank. These charges are different for each bank. Such as less in government banks and more in private banks.

How to apply?

We can apply for a Kisan Credit Card both online and offline. In offline mode, you have to visit the bank or the bank branch, and there you have to complete all the procedures related to this scheme.

You can fill up the form at home via mobile or computer online. Before applying for a Kisan Credit Card, one must register for Pradhan Mantri Sanman Nidhi. After registration, you get your Login and Password, which you can use for your Kisan Credit Card.

Benefits

(1) Under this scheme, farmers can get a credit card limit of up to 1.6 lakhs with any mortgage.

(2) With Kisan Credit Card, we can withdraw money from ATMs or make a direct payment.

(3) If you make an agricultural purchase using this card, you will get a discount on the price of the goods, which means you can buy more at a lower cost.

(4) There is no time limit for repaying the amount used by Kisan Credit Card. The farmer can refund the money within 3 to 5 years at his convenience.

(5) Under this scheme, the credit card holder also gets insurance from the government, i.e., the cardholder’s family gets assistance up to Rs.

(6) Kisan Credit Cardholders can use the card for agricultural work and personal financial difficulties.

(7) The cardholder can also use Kisan Credit Card for investing in agriculture-related business

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