The Kisan credit Card programme, run by the Indian government, gives farmers quick access to financing. The Kisan Loan Card (KCC) programme, developed by NABARD (the National Bank for Agriculture and Rural Development), was introduced in 1998 with the intention of giving farmers short-term formal loans.
To make sure that the credit requirements for farmers in the agricultural, fishery, and animal husbandry sectors were met, the KCC plan was developed. This was accomplished by assisting them in obtaining short-term loans and giving them a credit limit to use for equipment purchases as well as other expenses.
The interest rate for KCC loans starts as low as 2% and averages at 4%, thus farmers who use it are also spared from the exorbitant interest rates associated with the conventional loans provided by banks. With the use of this programme, farmers can pay back their loans in accordance with the crop’s harvesting season.
HERE ARE THE TOP 5 KISAN CREDIT CARDS.
~Customers of Axis Bank are eligible for loans up to a maximum of Rs. 250 lakhs.
~Bank account management can be handled by specialist Relationship Managers for borrowers.
~Customers can renew their accounts hassle-free and take out loans for up to five years.
~Minimum age requirement is 18 years old.
~ Maximum age at loan maturity is 75 years.
~If the loan applicant is above 60 years old, a co-borrower who is a member of their immediate family or a legal heir is required.
~The credit provided by the Kisan Credit Card will take the form of revolving credit, and the account holder will receive interest based on savings bank rates on the account balance.
~The credit limit would also pay for post-harvest expenses, farm and asset maintenance fees, crop insurance, asset insurance, and personal accident insurance.
~All cultivators who are joint borrowers or farmers who are individuals.
~Tenants, sharecroppers, etc.
~Tenant farmers, share croppers, and other types of farmers are included in SHGs or Joint Liability Groups.
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~The credit card needs to be renewed every year.
~The HDFC Kisan Credit Card has a five-year expiration date.
~You will be given a 12-month credit period.
~Receive interest rates from the bank of around 9%.
~If the crop season fails, you can extend the loan amount for up to four years or longer.
~You must have a high credit score to be approved for this card.
~The minimum age is 18 years.
~The maximum age is 75 years.
~If the borrower is a senior citizen (60 years of age or older), a co-borrower is required, who must be a legal heir.
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~Minimal Documentation (less paper work).
~No Hidden Charges
~Low Interest Rates.
~Apply online.
~Farmers who meet the requirements for short-term loan sanctions needed for crop cultivation, non-farm activities, and other related agricultural activities will be given the Kisan credit card by Bank of India branches.
~To qualify for the Kisan credit card, farmers must reside in the Bank of India branch’s operating region.
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~Credit balances on the Kisan card may be paid with interest from a savings account.
~Processing fees may be eliminated by Bank of Baroda for loans up to Rs. 10 lakhs obtained through direct agriculture.
~On loans up to Rs. 2 lakh, Bank of Baroda does not impose any documentation costs. A credit obtained for more than Rs. 2 lakh and up to Rs. 10 lakh will be charged 50% of the usual fees.
~Additionally, the borrower is entitled to free personal accident insurance up to a value of Rs. 50,000.
~Farmers who have a history of timely payments are eligible for credit limit sanctions for values worth Rs. 1000 or more.
~Both new applications and non-banking clients are subject to this limit.
~As long as they are landowners, long-term tenants, etc., farmers, whether they are literate or not, are eligible to qualify for the Baroda Kisan credit card.
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NOTE~
The information given above is based 100% on research. Please conduct thorough research before selecting a credit card. We are not responsible if there is any loss caused by this information.