State Bank of India (SBI), country’s largest lender, offers Kisan Credit Card (KCC) that claims to provide timely and adequate credit to farmers to meet their cultivation expenses. It also addresses farmers’ contingency expenses and expenses related to ancillary activities, allowing borrowers to avail loans basis their needs.
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Here are key things to know about SBI’s Kisan Credit Card:
Eligibility
All the farmers-individuals/joint borrowers who are owner cultivators are eligible to avail SBI’s Kisan Credit card. Tenant farmers, oral lessees, share croppers, SHGs or joint liability groups of farmers including tenant farmers, etc can also avail it.
Interest Rate
For credit up to Rs 3.00 lakh, 7 percent interest rate is provided.
Insurance
KCC borrowers below 70 years of age are covered under Personal Accident Insurance Scheme (PAIS) and eligible crops are covered under Pradhan Mantri Fasal Bima Yojna (PMFBY).
Documents Required
For availing SBI's KCC, address and identity proof such as Aadhaar card, PAN card, Voter ID, driving license, etc is required. Additionally, documents of the agricultural land, applicant’s recent passport size photograph and security post dated cheque are required.
Additional Features and Benefits
KCC is like a revolving cash credit account. The credit balance in the account, if any, fetches savings bank’s interest rate. The tenure is 5 years, with a 10 percent annual increase in limit every year subject to annual review.
The repayment period for the same is decided as per the crop period (short/long) and marketing period for the crop. RuPay cards is available for all eligible KCC borrowers. Accidental insurance of Rs 1 lakh for Rupay cardholders is also available if the card is activated once in 45 days.
How to apply for SBI Kisan Credit Card?
Here are the steps to apply for SBI Kisan Credit Card:
Step 1: Download the application form SBI's website or click here. Farmers can also directly visit SBI branch and ask for KCC application form.
Step 2: Fill in the required details and submit at the branch. The bank will review the application, verify applicant’s details and sanction the card
SBI YONO users can do KCC review through YONO App or at YONO Branch by following these steps:
Step 1: Log-in to YONO SBI
Step 2: Click on YONO Krishi and go to 'Khata'
Step 3: Click on Kisan Credit Card and confirm personal details, land and crop details and submit application
(Edited by : Anshul)
First Published: Oct 29, 2021 2:57 PM IST
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