ICICI Bank has branches and ATMs across the country from where farmers can easily use credit cards. The bank has more than 10 thousand ATMs in the country where credit card can be availed.
Private sector bank ICICI Bank offers various types of agricultural loans. Overdraft facilities are also provided by the bank to take advantages related to agricultural costs. The benefit of this facility can be taken in farming-related works. Loans are given from the bank to purchase cattle, irrigation equipment and other items. ICICI Bank also issues Kisan Credit Card with the help of which the work related to farming can be strengthened.
Kisan Credit Card or Kisan Card is given for retail agri loan. It is a credit card specially designed for farmers. Keeping in mind the needs of every day farming and looking at the expenses, loans are given to the farmers without any hindrance. Apart from this, long term loans and agri term loans are also given by the bank.
Benefit of term loan
With the help of term loans, farmers can buy cattle for animal husbandry or buy equipment used in farming. ICICI Bank issues loans to farmers for a fixed period under the Agriculture Term Loan Scheme. This loan can be repaid in 3-4 years and for this, farmers can choose monthly, half yearly or annual installment.
Less paperwork
There is not much paperwork to get this loan. The loan is easily given by the bank under less paperwork. Farmers can choose the repayment period based on their income. The interest rate on the loan has also been kept easy so that there is no hesitation in taking a loan. There is no hidden charge for the loan. For lending, quick action (quick processing) is done.
Advantage of bank atm
ICICI Bank has branches and ATMs across the country from where farmers can easily use credit cards. The bank has more than 10 thousand ATMs in the country where credit card can be availed. ICICI Bank produces Kisan Credit Card for 5 years, for which paperwork is done only once. The credit card limit is reviewed keeping in view the needs of farming.
Who can make KCC
Some necessary qualifications have been prescribed for taking a credit card. An 18-70 year old farmer is entitled to this card. The farmer who wants to get a credit card, should have his own land. The farmer should be involved in farming or its related works. For Kisan Credit Card, first the application form has to be filled. KYC papers have to be given with him.
While applying for Kisan Credit, the farmer will have to provide land papers. Some more paper can be asked from the bank. Kisan Credit Card attracts a minimum interest of 8.70% and a maximum of 13.60%. There is a minimum interest of 8.75% and a maximum of 14.00% on the premium overdraft. Similarly, there is a minimum loan of 9.5% and maximum of 15.10% on the Agri term loan.
