Kisan Credit Card: Now you will get 5 lakh rupees at 4% interest, where to apply, which documents are required, know here..

Finance Minister Nirmala Sitharaman gave a big gift to the farmers in the budget. In the budget, the loan limit given under the Kisan Credit Card was increased from Rs 3 lakh to Rs 5 lakh. This decision of the government will benefit crores of farmers in the country. In the Economic Survey 2024-25 presented in Parliament on Friday, it was told that till March 2024, the number of Kisan Credit Cards (KCC) in the country was 7.75 crores. Under KCC, farmers have been given a loan of Rs 9.81 lakh crore.

The Kisan Credit Card (KCC) scheme was started in 1998. This scheme was implemented on the recommendation of NABARD (National Bank for Agriculture and Rural Development). Kisan Credit Card has made the loan process simple and accessible for farmers, enabling them to buy seeds, fertilizers, pesticides, and other agricultural equipment on time. Kisan Credit Card plays an important role in providing financial assistance to farmers and easily meeting the expenses related to farming.

Kisan Credit Card Interest

Under the Kisan Credit Card, farmers are currently provided a loan of up to Rs 3 lakh, which has now been increased to Rs 5 lakh in the budget. The interest rate of KCC is 7 percent per annum. The government also provides subsidies on interest to provide relief to farmers. If farmers repay the loan on time, they get an interest subsidy of 3%, which reduces the effective interest rate of the Kisan Credit Card to 4%.

Who is entitled to a Kisan Credit Card?

Apart from agricultural work, farmers engaged in fisheries, dairy farming, animal husbandry, and horticulture also get the benefit of the Kisan Credit Card Scheme. Some necessary eligibility criteria have been set for this. Such as being an Indian citizen and the age of the farmer should be between 18 to 75 years etc.

How is the Kisan Credit Card issued?

The process of obtaining a Kisan Credit Card is simple. Farmers can get it from government and private banks, rural banks, and cooperative societies. Application for Kisan Credit Card can be made both offline and online. The farmer can fill out the application form for a Kisan Credit Card by visiting his nearest bank branch. Necessary documents like Aadhar cards, PAN cards, land papers, and passport-size photos have to be submitted along with the application.

Online application process

Farmers can also apply online through the website of PM Kisan Yojana or the website of the concerned bank. We are telling you the step-by-step process of filling out the online form to get a Kisan Credit Card from the State Bank of India…

Go to the official website of SBI https://sbi.co.in/web/personal-banking/home.

Go to the Agriculture & Rural tab in it.

Go to Crop Loan here and choose the Kisan Credit Card option.

Here you will get the Application Form. Download it, fill it and submit it.

In 3-4 days, the bank itself will contact you and start the process of making a Kisan Credit Card.

When to return the money

Under the Kisan Credit Card, the farmer gets a loan for five years. It gets renewed after five years. The farmer has to pay the interest on the Kisan Credit Card twice a year. Once a year, he has to deposit the entire loan amount along with the interest. The farmer can withdraw the principal amount deposited the very next day. The farmer is entitled to get an interest subsidy only after paying the interest twice a year and depositing the entire loan amount once. If he does not do so, he has to pay interest at the rate of 7 percent. If the interest is not paid on time, the account can also become NPA.

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