Kisan Credit Card Scheme: It is expected in this budget (Budget 2022) that the government can further increase the limit of loan (KCC loan) in this scheme.
The loan taken on Kisan Credit Card attracts interest at the rate of 7 percent. But, if the farmer repays a loan within a year, then he will have to pay only 4 percent interest.
Kisan Credit Card Scheme / Budget 2022 KCC: The government provides loans at affordable rates to farmers to get rid of debt and increase their income.
Kisan Credit Card is such a great scheme in which farmers are given loans up to Rs 3 lakh. In this budget (Budget 2022), it is expected that the government can further increase the limit of loan (KCC loan) in this scheme.
Kisan Credit Card Limit May Increase
Let us tell you that on February 1, Finance Minister Nirmala Sitharaman will present the Union Budget (Budget 2022 Live). In this, many big decisions can be taken for the farmers. Actually, the issue of farmers has been going on loudly in the country for some time now.
On the other hand there are elections in 5 states as well. In such a situation, the central government can make a big announcement for the farmers. Loans are provided to farmers on Kisan Credit Card at very low interest rate (KCC interest rate).
Kisan Credit Card Loan Interest Rate
Under Kisan Credit Card (KCC Budget 2022), farmers get loans at cheap rates. In this, interest is charged at the rate of just 7 percent. Not only this, if a farmer repays a loan within a year, then he will have to pay only 4 percent interest.
Interest Rate is Very Low
Farmers get loans from banks at very low interest rates for sowing crops. This loan is given only through Kisan Credit Card. Under this scheme, farmers are given loans up to Rs 3 lakh without guarantee.
At the same time, short term loans of Rs 3 to 5 lakh are given at an interest rate of only 4 percent. The government gives a subsidy of 2 percent on this loan.
At the same time, a rebate of 3 percent is given on repaying the loan on time. In this way, this loan is available only at 4 percent, but if there is a delay in repayment of the loan, then the interest rate of this loan sits at 7 percent.
Crop Insurance Too
This is a very good scheme for the farmers. Due to the Kisan Credit Card, farmers can also get their crops insured, due to which they are also compensated for the destruction of their crops.
Kisan Credit Card is very useful in the event of flood, if the crop gets spoiled due to drowning in water or in case of drought, the crop gets burnt.
How to Get kisan Credit Card
1. To get the Kisan Credit Card made, first of all you should go to the Tehsil and meet the Lekhpal.
2. Now get the Khasra-Khatauni of your land from them.
3. After this, go to any bank and meet the manager and demand to make Kisan Credit Card.
4. Keep in mind here that if Kisan Credit Card is made from a rural bank, then incentives etc. are given by the government, which benefits the farmers.
5. After this the bank manager will send you to the lawyer and take necessary information.
6. After this you have to go to the bank and fill a form.
7. There will be some paperwork with this. After which your Kisan Credit Card will be created.
8. How much loan facility will be available in this, it depends on how much land you have.
Features of Kisan Credit Card (KCC Loan Scheme)
In Kisan Credit Card, interest is given on the loan at the rate of savings bank.
Free ATM cum Debit card is available for the holders of Kisan Credit Card.
State Bank of India gives Debit / ATM card in the name of State Bank Kisan Card.
For loans up to Rs 3 lakh in KCC, interest subvention is available at the rate of 2% per annum.
There is an additional interest subvention at the rate of 3% per annum on premature repayment of the loan.
Crop insurance coverage is available on Kisan Credit Card loan.
Loan amount for the first year is given on the basis of cost of agriculture, post-harvest expenses and cost of land.
Kisan Credit Card Rules (KCC Scheme terms)
In this scheme, no security is required for loans up to Rs 1.60 lakh.
Interest will be charged at the rate of 7% for one year or till the date of repayment of the loan, whichever is earlier.
In case of non-repayment within the due dates, interest will be payable at the card rate.
Compound interest will be charged from half yearly onwards after the due date.
