Kisan Credit Card (KCC) Loan Scheme 2024: Farmers often need money for agricultural work. Due to which they have to arrange money from somewhere, which the government has made arrangements for the benefit of farmers. ‘Kisan Credit Card (KCC) Loan Scheme’ has been started. If you are also one such farmer who does not have any information about this scheme till now, then you may not be able to take advantage of this scheme. If you are a farmer, then you must know about this scheme because this scheme has been started especially for the farmers.
With this scheme started by the government, you can take a loan for farming at low interest by mortgaging your land at any time, this loan is also generally called Kisan Credit Card or Green Card, Kisan Credit Card Scheme has been created by the Central Government only for farmers, in today’s article we are going to provide you all the information related to Kisan Credit Card Scheme, with the help of which you can easily take a loan under this scheme, for which you have to read this article till the end.
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What is Kisan Credit Card (KCC) Loan Scheme?
Kisan Credit Card is a type of loan which is provided to farmers by banks at a low interest rate. This scheme was started in 1998 by the Government of India, Reserve Bank of India and NABARD and was named Kisan Credit Card. If you have never taken a loan from Kisan Credit Card scheme before, then you can take a loan for agriculture by going to your nearest bank and submitting your land papers and completing some other formalities.
Under the Kisan Credit Card Scheme 2022-23, farmers are provided loans up to Rs 3 lakh at an interest rate of just 4%. To take a loan at 4% interest from this scheme, some things have to be kept in mind, which we have mentioned in the article below, so for more information related to the KCC scheme, read this article till the end.
Details about Kisan Credit Card (KCC) Loan Scheme
| Name of the scheme | Kisan Credit Card Scheme |
| who started it | The central government has |
| when did it start | year 1998 |
| Beneficiary | Farmers of India |
| Objective | Providing loans to farmers at low interest rates |
| Loan Amount | Up to Rs 3 lakh (Note – Interest rate will increase for amount above Rs 3 lakh) |
| interest rate | 7% (up to Rs 3 lakh) |
Benefits of Kisan Credit Card (KCC) Loan Scheme
1. The terms and conditions of the Kisan Credit Card Loan Scheme are much easier than the government loans available from banks.
2. The interest on the loan obtained under the Kisan Credit Card Loan Scheme is much lower than other loans.
3. The biggest advantage of Kisan Credit Card is that the farmers have got freedom from the moneylenders, because the farmers have been exploited by the moneylenders for a long time.
4. Under the Kisan Credit Card Scheme, farmers get loans at very low interest rates, hence they do not need to take loans from moneylenders.
5. By having Kisan Credit Card, farmers are able to plough their fields, irrigate their crops on time, which has increased their yield substantially.
What is the interest rate in Kisan Credit Card (KCC) loan scheme?
Kisan Credit Card Interest Rate: If you also take a loan from the Kisan Credit Card Scheme, then you must know about its interest rates and you must keep in mind the date on which you took the loan. You have to repay the loan along with the interest before the completion of one year from the date on which you took the loan. By doing this, you become eligible to take a loan again from the very next day.
If you do this, then you get a 3% interest discount from the government on loans up to Rs. 3 lakh, due to which it is called the best loan. The total interest rate on Kisan Credit Card is 9%, in which a subsidy of 2% is given by the central government. Apart from this, if you repay the loan before the completion of the year, then you are also given an incentive amount of 3%.
tenure of kisan credit card
Kisan Credit Card works like an overdraft in which you can deposit and withdraw money whenever you want. When your money is withdrawn, you will have to pay interest. Kisan Credit Card is given for 5 years. After 5 years, you can get it renewed by depositing the interest.
What is an overdraft?
Overdraft is a loan given by the bank to its customers, in which money is withdrawn even when there is no money in the customer’s account. A fixed overdraft limit is set in this and the loan limit of this loan depends on the bank. When you withdraw money, you will have to repay it along with interest.
Documents required for Kisan Credit Card (KCC) Loan Scheme
1. Aadhar Card
2. PAN card
3. Bank Account Passbook
4. Eye certificate
4. Residence Certificate
5. Caste Certificate
6. Land documents
7. Mobile number and passport size photo
How to apply for Kisan Credit Card (KCC) Loan Scheme?
1. To apply for KCC loan, you have to go to your nearest bank branch.
2. By going there you have to get the application form of this scheme.
3. After this you have to fill the application form carefully.
4. Now all the required documents have to be attached to the application form.
5. Finally you have to submit your application form to your bank.
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