Credit card

How to apply for PM Kisan credit card online

PM Kisan credit card online

Wondering how to apply for PM Kisan credit card online? First you need to know more about the scheme under which this plan has been formulated. This is a central government program where the government provides 100% funding for eligible farmers. Operational nationwide from December 1, 2018, the program offers Rs. 6,000 income support each year through three equal cash payments for marginal and small-scale farming families with cumulative land ownership. goes up to 2 hectares. The definition of family in this regime involves husband, wife and minor children.

Families are identified by the State and UT administrations to benefit from support accordingly. Direct bank transfers are deployed to beneficiary accounts. Regarding the online PM Kisan credit card service, this was announced on May 14, 2020 by Union Finance Minister Nirmala Sitharaman. This covered Rs. 2 lakh crore in concessional credit which would benefit a whopping 2.5 crore of farmers through the KCC (Kisan Credit Card) program. The Government will carry out special campaigns to identify beneficiaries by credit card. The program will also cover breeding and fishermen.

Learn more about the Kisan credit card system

– This system offers loans or institutional credits to farmers with
with regard to the exercise of their agricultural activities / operations.
– Farmers can enjoy the benefits of flexible loan repayment.
– Loans can be taken out for terms of up to 3 years.
– Credit card holders can also benefit from the advantages of PM-Kisan and the
National crop insurance scheme.
– It will help farmers to buy fertilizers, seeds and other basic necessities while withdrawing money on this card.
– It offers protection against crop loss due to
calamities and pest attacks.

The original program which is Prime Minister Kisan Samman Nidhi Yojana was first started in 1998 to take care of farmers in India and their financial needs. The program helps farmers obtain credit whenever they need it at concessional interest rates, thereby reducing their overall dependence on informal loan / banking systems in villages and also on pawn shops who often charge loans. exorbitant interest rates. The card covers loans at lower interest rates as well as post-harvest expenses, investment credits for drip irrigation, plantations, pump sets and land development as well. as the working capital for the maintenance of agricultural equipment and agricultural activities. The consumption needs of farmers are also covered by this credit card system.

Kisan Credit Card System Application Eligibility

– Marginal and small farmers.
– SHG (self-help groups).
– Fisherman.
– Share Croppers.
– the JLG (solidarity groups).
– Tenants and tenants.
– Those who work in breeding.

Eligibility criteria

Those who are involved in farming and farming will have the right to apply under the PM Kisan credit card program. Farmers who cultivate land on land owned by others will also be able to apply under this program. The age of the applicant must be 18 to 75 years old and people over 60 years old must have a co-applicant for the loan.

How to apply for PM Kisan credit card online

The PM Kisan credit card online application process is quite straightforward. Here are the steps to follow:

– Go to the official website of the banking or financial institution
which offers the PM Kisan credit card facility. This is the first step in the whole process.
– You should then search “Apply for KCC” online and then download the application form before printing it.
– Completely complete this Kisan credit card form before submitting the
even at the nearest bank branch.
– The form will be reviewed by the required loan officer who
then get the unique reference number issued for any particular application.
– The reference number of the application must be registered by the applicant
carefully.
– Post sanction of the loan by the banking establishment, the Kisan
credit card will be sent to the registered address of the applicant.

Documents needed to apply

– Completed form for the Kisan credit card application.
– Proof of identity with photo – PAN card, Aadhar card, Driver’s license,
Voter ID card, passport, letter issued by the UIDAI or the NREGA work card.
– Proof of address – Voter ID card, Aadhar card, utility bills, driving
License, NREGA work card, bank account statements, ration card, document for
Property registration.
– Land documents.
– Two passport size photos.
– Any other document required by the bank / financial institution.

Amount and interest rate

Farmers can get short term loans of up to Rs. 3 lakh through the Kisan credit card. To get loans over Rs. 1 lakh, they are required to mortgage the land / crops as collateral. The interest rates are considerably lower than 7% and if the farmer cannot repay the loan on the due date, another 3% discount can be given. The effective interest rate therefore only becomes 4% in such scenarios.

Those who take loans of at least Rs. 25,000 also receive a checkbook with their Kisan credit card. It can be used for direct purchases of fertilizers, seeds, pesticides, paid labor, cash withdrawals and for the purchase of agricultural equipment / products.

Banks offering Kisan credit card facilities

There are several Indian banking and financial institutions providing Kisan credit card services to their customers. These include SBI (State Bank of India), PNB (Punjab National Bank), Axis Bank, Indian Overseas Bank, Bank of India (BOI), IDBI and HDFC Bank.

The Kisan Credit Card (KCC) is a great way to raise funds without depending on pawn shops when it comes to farmers.


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