Farmers can take loan according to their need through very easy process. Let us know about this card in detail.
SBI Kisan Credit Card: If you are a farmer and you need immediate money for farming, then you can take Kisan Credit Card from SBI. To help the farmers, the country’s largest bank State Bank of India (SBI) offers its credit card. With the help of this, the farmer can meet the need of cash to meet the expenses related to his farming. Farmers can take loan according to their need through very easy process. Let us know about this card in detail.
Card Features and Benefits
- The Kisan Credit Account of SBI will be like a revolving cash credit account.
- If any balance exists in the account, it will attract the interest rate of the savings account.
- Its duration is 5 years. The limit will be increased by 10 per cent annually after the annual review every year.
- There is an interest subvention of 3% for immediate borrowers up to Rs 3 lakh.
- The repayment period will be based on the duration of the crop (shortened or extended) and the duration of marketing.
- All eligible KCC borrowers will get RuPay card.
- If the card is activated once in 45 days, then RuPay cardholders will get accidental insurance of Rs 1 lakh.
Who can take the card?
- All eligible farmers, individual or joint loan holders who do agriculture, can take Kisan Credit Card from SBI.
- Tenant farmers, lease, share corpus etc. can also take advantage of SBI Kisan Credit Card.
- Self Help Groups (SHGs) or Joint Liability Groups of farmers can also take Kisan Credit Card from the bank.
- Rate of interest
- For those taking a loan up to Rs 3 lakh, the interest rate is 7 percent.
- The interest rate will be suitable from time to time for the farmer taking loan above Rs 3 lakh.
How to apply for the card?
- Download the application form from SBI. For this you can visit this link- https://sbi.co.in/documents/14463/22577/application+form.pdf/24a2171c-9ab5-a4de-08ef-7a5891525cfe.
- Farmers can directly visit SBI branch and ask for KCC application form.
- Fill the required details and submit it by going to the bench.
- The bank will review the application, verify the details of the applicant and allot the card.
Which documents will be required?
- Proof of home address and identity: Aadhar Card, PAN Card, Voter ID, Driving License etc.
- Agricultural land documents will be required.
- The applicant must also provide his/her recent passport size photograph.
- The card issuing bank may also ask to submit a security post dated cheque.
