The Modi government is campaigning to give KCC i.e. Kisan Credit Card to more and more farmers. The government has set a target of issuing cards to 2.5 crore farmers at the time of Korona lockdown. So far 1.5 crore new beneficiaries have been identified. 1 crore more people are to be made free. The role of the bank is important to meet this target. State Bank of India has given full details of its card.
The government has asked banks to impose caps in rural areas to expand the KCC scheme.
At the same time processing fees for making it have been abolished. Which has been linked to the Prime Minister’s Kisan Samman Nidhi Scheme. So that KCC is easy to create. All the data of crores of farmers have been verified by the central government under the PM Kisan scheme. That is why the bank cannot be negligent in giving KCC.
Features and Benefits of SBI Cards
Interest is paid at the savings bank rate on the credit balance in the KCC account.
Free ATM-debit cards are provided to all KCC borrowers.
For loan amount up to Rs. 3 lakhs, interest is discounted at the rate of 2% per annum.
Additional interest is deducted at the rate of 3% per annum on timely repayment.
Loan up to 1.60 lakh without guarantee
– Notified area for KCC loan, covered under crop insurance.
– The loan amount for the first year is determined on the basis of farmer’s cost, post-harvest expenses.
– The loan will be sanctioned on the basis of increase in the amount of money during 5 years.
– No guarantee is required for KCC limit up to 1.60 lakh.
– Compound interest is charged semi-annually after the due date.
Application form duly filled
Identity Certificate – Voter Letter, Pen Card, Passport, Aadhaar Card, DL etc.
Farmers engaged in individual or joint farming are eligible for this.
Tenants, partner farmers and self-help groups can also benefit.