pmkisan.gov.in Kisan Credit Card Scheme 2024 Apply, Benefits, Insurance The Kisan Credit Card (KCC) scheme was introduced in 1998 to provide financial assistance to farmers to purchase agricultural inputs and withdraw cash for their production needs. The scheme was revised in 2004 to include long-term loans and working capital loans for agriculture and allied activities.
The Reserve Bank of India has now extended the KCC facility to farmers involved in animal husbandry and fisheries to meet their working capital requirements.
Objective of Kisan Credit Card 2024
- The main purpose of Kisan Credit Card is to provide financial assistance for short-term credit requirements related to farming.
- The purpose of KCC is to help farmers manage post-harvest expenses.
- KCC is designed to meet the consumption needs of farmers and their families.
- The main purpose of Kisan Credit Card is to provide working capital for maintaining agricultural assets and agriculture related activities.
- The purpose of KCC is to meet investment credit requirements for agriculture related activities.
Kisan Credit Card Eligible Criteria 2024
KCCS is available to all categories of farmers, but it is especially beneficial for marginal and small farmers, who constitute more than 86% of farmers in India as per Agricultural Census 2015-16.
Eligibility Criteria:
- Individual Farmers
- Joint Borrowers
- Tenant Farmers
- Oral Lessees
- Sharecroppers
- Self Help Groups
- Joint Liability Group of Farmers
Kisan Credit Card Required Documents List 2024
- Identity Proof
- Address Proof
- Land Ownership Proof
- Income Proof
- Passport Sized Photo
- Application Form (Filled and signed)
- Agriculture Activity Detail
- Additional documents
Kisan Credit Card Features 2024
- KCC is usually valid for five years.
- KCC must be renewed every year.
- The loan must be repaid after the crop is harvested and sold.
- It has a credit period of 12 months.
- A bad crop season means the loan amount can be extended to four years or more.
- The loan limit is determined by the lender’s terms and the farmer’s credit score.
Kisan Credit Card Benefits 2024
- Passbook issued for withdrawing cash from bank account.
- Cheque book issued with a credit limit of Rs 25,000.
- Farmers can purchase seeds, fertilizers, agri, etc. from the loan amount.
- Bank interest rates are minimal, around 9% on average.
- Maximum loan limit is up to Rs 3 lakh.
- Higher loan limit to farmers with good credit score.
- Subsidy on interest rates to farmers with good credit score.
Kisan Credit Card Insurance 2024
- Cardholders can avail insurance coverage through the National Crop Insurance Scheme for certain types of crop loans.
- Cardholders can also avail coverage in case of crop failure due to natural calamities or pest attacks.
- Personal accident cover is provided to cardholders below the age of 70 years.
Kisan Credit Card Application Procedures 2024
- Kisan Credit Card is issued by many nationalised, co-operative or regional banks.
- Before approval, the bank will check the credit score of the applicant.
- The bank will also check the applicant’s land holding, cropping pattern, income etc.
KCC Kisan Credit Card Online Application Process 2024
- To start the Kisan Credit Card application process, first visit the official website of the bank.
- Go to ‘Cards’ and select ‘Kisan Credit Card’.
- Click on the ‘Apply’ option.
- Fill the online application form and provide all the relevant details.
- Click on the ‘Submit’ option.