Kisan Credit Card is a financial product introduced by the Indian government to provide easy and hassle-free access to credit for farmers. The main objective of the Kisan Credit Card scheme is to provide adequate and timely credit support to farmers for their cultivation and allied activities.
Eligibility:
Farmers engaged in agriculture and allied activities such as animal husbandry, fisheries, and horticulture are eligible for the Kisan Credit Card.
Small and marginal farmers, tenant farmers, oral lessees, and joint farming groups can also apply for a Kisan Credit Card.
Features of Kisan Credit Card
- The credit limit under Kisan Credit Card is set based on the farmer’s production needs and crop-wise requirements.
- The credit limit can be used for various agriculture and allied activities, including seasonal agricultural operations, the purchase of inputs, and other productive purposes.
- The card is linked to the savings account of the farmer and enables hassle-free cash withdrawals and other transactions.
- The card also provides the farmer with personal accident insurance coverage of Rs. 50,000.
Benefits of Kisan Credit Card:
Easy access to credit
Farmers can get quick and easy access to credit without having to go through a lengthy loan disbursal process.
Flexibility in usage: The credit limit under Kisan Credit Card can be used for various agriculture and allied activities, allowing farmers to use it as per their requirements.
Lower interest rate
Kisan Credit Card comes with a competitive interest rate, making credit more affordable for farmers.
Personal accident insurance cover: The personal accident insurance cover provided under the Kisan Credit Card is an added benefit for farmers.
How to apply for Kisan Credit Card
Farmers can apply for Kisan Credit Card through their nearest bank branch.
The application process involves submitting the necessary documents, including identity proof, address proof, and income proof.
The bank will then verify the information and, if eligible, will issue the Kisan Credit Card.
Conclusion
Kisan Credit Card is a beneficial financial product for farmers, providing them with easy and hassle-free access to credit for their agriculture and allied activities. With its competitive interest rates and personal accident insurance coverage, Kisan Credit Card is a must-have for farmers looking to improve their financial situation.