Kisan Credit Card: Now banks will make KCC for free, with the condition that processing fee waived, Kisan credit card linked to PM Kisan scheme
On taking Kisan Credit Card (KCC-Kisan Credit Card), the food donors get the cheapest loan. But there is another advantage attached to it as well. About which very few farmers are aware. The government provides the cover of accident insurance scheme to the KCC holders. Under which compensation is given to the farmers if they die due to any external accident or they become victims of permanent/temporary disability.
It can be insured for one year or three years. A premium of Rs 15 will be charged for a one-year policy while Rs 45 for three years. Under this, there is a provision of giving 50-50 thousand rupees for the death of KCC holder, permanent disability and loss of both limbs or both eyes. While the defect of one organ or one eye will get Rs 25,000. This information has also been made available on the website of Uttar Pradesh Agriculture Department.
Processing fee waived up to Rs 3 lakh
On the orders of the Central Government, banks have waived the processing fee for making KCC. But it has to be kept in mind that its forgiveness will be available only for getting KCC made up to Rs 3 lakh. That is, now banks will make KCC for free. Earlier, inspection and laser folio charges were charged for getting KCC made. Up to 3-4 thousand rupees used to be spent on it.
Cheapest loan
Most of the farmers borrow money from someone or the other during the crop season for their farming. If a farmer takes money from a moneylender, he has to pay huge interest. Therefore, the central government wants that all the beneficiaries of PM Kisan Scheme (PM-kisan) should be given KCC facility. For this, a campaign of the Ministry of Agriculture is going on. PM Kisan has been linked to KCC. At present, there are about 8 crore Kisan Credit Card holders in the country.
The interest rate for loans up to Rs 3 lakh taken on KCC is, by the way, 9 percent. But the central government has given 2 percent subsidy in this. Now the interest left is 7 percent. There is also a conditional discount in this. Banks provide money only at 4 percent interest rate to those who return the money on time or before.
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