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kisan credit card apply online 2023(KCC)|
What is Kisan Credit Card Scheme
In light of the sensitivity of agriculture and its special needs, then Finance Minister Yashwant Sinha introduced the ‘Kisan Credit Card’ in the budget of the year 1998-99, in order to make available adequate and timely credit to farmers from institutional sources (through banks). ‘ (KCC) had announced an ambitious scheme. RV Based on the recommendation of the Gupta Committee, this scheme was started in August 1998. Under the scheme, the maximum credit limit of the farmers is fixed through a transparent system. Within this credit limit, the farmer can withdraw money as per his requirement throughout the year. He will have to pay interest only on the amount withdrawn by the farmer.
kisan credit card benefits
The main objective of the scheme is to ensure the availability of a sufficient amount of credit from institutional sources to the farmers to meet their agricultural credit requirements. The following are the agricultural requirements:-
- (a) meeting the credit requirements for short-term agricultural inputs;
- (b) meeting post-harvest expenditure requirements;
- (c) credit for product marketing;
- (d) meeting the consumption needs of the farmers;
- (e) for maintenance of agricultural assets and other ancillary activities like dairy, fishing, etc.;
- (f) For investment requirements in agriculture and allied activities like pump sets, spraying equipment, dairy, etc.
Kisan Credit Card eligibility
- (a) All farmers (individual/joint) who own land;
- (b) tenant farmers, oral lessees, and sharecroppers;
- (c) Self-help groups or joint liability groups consisting of tenants, sharecroppers, etc.
how to apply for kisan credit card online?
If you are a farmer and want to take KCC, then there is a very easy way to apply for it. First of all, you have to go to the official website of the bank where Kisan Credit Card is given. Here you will see the option of Kisan Credit Card APPLY. You will have to fill all the details sought here carefully. In this, all the important information like your name, and mobile number is asked. Then you can apply online by clicking on submit button. It will take three to four days for the application process to be done. It takes working days. Apart from this, you can also get it done by going to the bank by taking documents.Which bank can issue Kisan credit card?
There are many banks through which you can take ‘Kisan credit card’ loan. You can get Kisan credit card loan through the State bank of India, bank of India, axis bank, national payments corporation of India, etc.What types of loans are available from Kisan Credit Card?
Now we tell you this. With this, you can take ten different types of loans at very low-interest rates. Like loans for crops, farm operating loans, farm ownership loans, agrI business loans, dairy plus schemes, broiler plus schemes, horticulture loans, farm storage facilities or where housing loans, Minor irrigation schemes, land purchase schemes,s, etc. Overall, through this card, you can do any work related to farming. That too without thinking about taking a loan because the interest rate is very low. And in many cases, separate government subsidies and discounts are also given. So get a farmer credit card made and move your work forward faster.Key facts about Kisan Credit Card
- The KCC scheme is implemented through commercial banks, regional rural banks, and cooperative banks.
- Under the scheme, a transparent and scientific process has been adopted for determining the credit limit of the farmers.
- The credit limit is determined on the basis of the land holding of the farmers, the maximum cost of the crops proposed by them, and the consumption requirement of the farmers.
- The farmer can withdraw money from his loan account as many times as he wants in a year, up to the prescribed credit limit.
- Farmers have to pay interest only on the loan they take out and not on the entire loan. This also reduces the burden of interest on the farmers.
kisan credit card interest rate
- Farmers have to pay only 7 percent interest on loans up to Rs 3 lakh. Whereas, on timely (within 5 years) repayment of the loan, they also get a 3 percent interest subvention. So effectively farmers have to pay only 4 percent (7-3-4%) interest.
- If the beneficiary repays his loan within one year, he will get a 3 percent interest subvention and a 2 percent subsidy. That means the farmers will get a total rebate of 5 percent. This means that if the farmer repays the loan within one year, he will get only 2 percent interest up to Rs.3 lakh.
- Interest has to be paid.
- The validity of the scheme is 5 years. In this, the documents have to be submitted only once, not in the rest of the years. This saves the farmers from unnecessary paperwork.
Kisan Credit Card Progress
- A total of Rs 9.6 lakh crore in credit was provided to the agriculture sector in the year 2016-17, which was higher than Rs 9 lakh crore in the previous year.
- The share of cooperative banks in gross agricultural credit disbursed in the year 2018-19(P) was 12.26%, that of Regional Rural Banks was 12.06%, while that of commercial banks was 75.68%. The year-wise share of banks in agricultural credit is shown in the following figure.
- After the announcement of the inclusion of the animal husbandry sector in the Kisan Credit Card scheme in the February 2020 budget, about 1.5 crore farmers of milk cooperatives and milk-producing companies have been covered under the Pradhan Mantri Atmanirbhar Package.
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