Kisan Credit Card
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A Kisan Credit Card is a credit card to provide affordable credit for farmers in India. It was started by the Government of India, Reserve Bank of India (RBI), and National Bank for Agriculture and Rural Development (NABARD) in 1998-99 to help farmers access timely and adequate credit.
The Kisan Credit Card allows farmers to have cash credit facilities without going through time-consuming bank credit screening processes repeatedly. Repayment can be rescheduled if there is a bad crop season, and extensions are offered for up to four years. The card is valid for three years and subject to annual renewals. Withdrawals are made using slips, cards, and a passbook.
KCC services offered by IDBI
- Crop loan with Kisan Credit Card
- Credit to farmers or groups of farmers for crop loans, working capital or investment credit for viable agriculture purpose.
All farmers, owner cultivators, tenant cultivators, share croppers and individual farmers having agreement with institution are eligible for the card. Most banks in India that offer agricultural finance offer the Kisan Credit Card. Under the scheme, Branches may issue Kisan Credit Cards to the farmers who are otherwise eligible for sanction of short term credit for crop production, allied activities and other non-farm activities.
b) The farmers should come from the operational area of the Branch.
The card is valid Five years, of which crop loan and working capital components have to be renewed annually. I Limit of kisan credit card depend upon scale of finance, which is decided by lead district bank and it varies from place to place.
Repayment period: With in A MAXIMUM OF 12 MONTHS.
Collateral Security: Registered mortgage of land in case loan is above Rs. 100000/- and hypothication of crops to be raised.
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