Kisan Credit Card: How may farmers benefit from this lucrative offer?

 Kisan Credit Card: How may farmers benefit from this lucrative offer?

Kisan Credit Card: How may farmers benefit from this lucrative offer?

Every year on December 23, the nation observes Farmers Day. Given that a significant portion of India's population relies on agriculture for a living, the nation is agrarian. Under such circumstances, the Indian government implements many programs aimed at helping farmers. Kisan Credit Card Scheme is among them. Understand the advantages of it.

The Kisan Credit Card Scheme (KCC Scheme) is in place to provide farmers financial assistance. The lowest interest rate in the nation is offered by this lending program. Farmers who participate in this program get short-term loans to help them with unforeseen expenses. One benefit of this is that the farmers get loans under this arrangement at considerably reduced interest rates, meaning they pay much less in interest. We will explain the Kisan Credit Card, its features, and the application process.

reduction in the interest rate on a loan

Interest rates for KCC loans Farmers continue to need financial support for their operations. Farmers used to borrow money from moneylenders to do this, only to fall victim to exorbitant interest rates. The Kisan Credit Card Scheme was launched to provide farmers access to loans with simple application processes and reasonable interest rates. Farmers who participate in this program may borrow up to Rs 3 lakh at a 4% interest rate.

The Kisan Credit Card's advantages

1. In the event of death or permanent disability, KCC holders are covered up to Rs 50,000; in the event of a second risk, they are covered up to Rs 25,000.

2. Eligible farmers get a Kisan Credit Card, a smart card, and a debit card in addition to a savings account with competitive interest rates.

3. There is a great deal of leeway in debt repayment. The process of disbursing loans is likewise quite simple.

4. Farmers have three years to return their loan once the crop is harvested, and this credit is still available to them.

How to apply for a Kisan Credit Card online:

To begin with, visit the bank's website from which you want to get KCC.

Choose the Kisan Credit Card option from this menu after that.

Click the Apply option after that.

You will now see an application form; fill it out thoroughly.

Submit it after this.

The bank will then get in touch with you to confirm all the information within two to three days. You will then get KCC.

How can I get a Kisan Credit Card?

Bank Cooperative

Bank for Regional Rural

Indian National Payments Corporation

Indian State Bank

Indian Bank

India's Industrial Development Bank

Who is eligible to apply?

In this case, no distinct category has been established. All farmers who own property and engage in farming are eligible to apply for a Kisan Credit Card in order to be eligible for loans under this program. Sharecropper farmers are eligible to apply as well. Under this, loans are also available to lease farmers. The Kisan Credit Card application process has an 18-year-old minimum and a 75-year-old maximum age.