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A unique scheme for farmers under which they
can draw loan amount in cash for crop production as well as
domestic needs from the card issuing branch within the
sanctioned limit. The details are as under:
1. Eligibility : Farmers having
agricultural land, Pattaholders (i.e. land allotees) and Tenants
Farmers forming “ Joint Liability Group” are eligible.
2. Loan Limit : Limit is fixed to meet
the cost of cultivation of crops based on land holding and also
for domestic needs. There is no minimum or maximum loan limit.
3. Card : A common card named “Kisan
Credit-cum-Kisan Shakti Card” is issued to the farmers on
fixation of loan limit.
4. Rate of interest :
| i) Upto Rs.50,000/- |
9.75% (fixed) |
| ii) Above Rs.50,000/- & upto
Rs.2.00 lacs |
2% below PLR |
| iii) Above Rs.2.00 lacs & upto
Rs.5.00 lacs |
0.50% below PLR |
| iv) Above Rs.5.00 lacs |
0.50% above PLR |
However, as per Union Budget Announcement for
2008-09, interest will be charged @7% p.a. for Short Term Crop Loan
under KCC upto Rs. 3.00 lac disbursed from 01.04.08.
5. Security :
a. For loans upto
Rs.50,000/- : Hypothecation of crops & movable assets.
b. For loans above
Rs.50,000/-:
i. Hypothecation of
crops & movable assets.
ii. Mortgage of land
or charge on land as per Agricultural Credit Operation Act of the
states concerned.
Or
Charge/ lien over liquid securities in the form of Fixed Deposit/ NSC/ Kisan Vikash Patra etc. providing full cover to the limit granted.
6. Repayment :
i. The aggregate credit into the KCC account during the 12 months period should at least be equal to the maximum outstanding in the account
And
ii. No drawal in the account shall remain outstanding for more than 12 months
1. Validity : Card is valid for 3 years subject to annual review.
2. Features :
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No admission/membership fee is levied by the Bank.
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A pass book is issued along with card to record transactions.
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Cardholders are covered under Personal Accident Insurance Scheme with sum assured for Rs.50,000/- against death/permanent total disability/ loss of two limbs/ eyes or one limb & one eye and Rs.25,000/- for loss of one limb/eye on payment of premium of Rs.5/- p.a by the cardholder.
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Specified crops in notified areas grown under Kisan Credit Card is covered under Rashtriya Krishi Bima Yojna subject to notification issued by the State Government concerned.
For further details, please visit nearest
branch of our Bank
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