Kisan Credit Card: Are you eligible? Check benefits, how to apply offline and other details

Kisan Credit Card: Farmers in most parts of India have to depend on monsoons in order to have a good harvest. Any delay in monsoon may result in farmers sowing crops again. With most of the farmers in India earning just enough for their survival, this could put a huge financial burden. In a bid to assist these farmers in such circumstances, the Government of India launched Kisan Credit Card scheme. The scheme was introduced by the government in 1998. The main objective of the scheme is to provide adequate and timely credit support to the farmers under a single window with flexible and simplified procedures. Here in this article, we will explain the eligibility criteria and benefits of Kisan Credit Card.

The objective of Kisan Credit Card

- To cover the post-harvest expenses.

- To meet the consumption requirements of farmer household.

- To provide working capital for maintenance of farm assets.

- Investment credit requirement for agriculture. 

Who is eligible for Kisan Credit Card?

According to the Master Circular issued by the Reserve Bank of India (RBI) on the Kisan Credit Card (KCC) scheme, below are the entities eligible for Kisan Credit Card:

- Farmers - individual/joint borrowers who are owner cultivators.

- Tenant farmers, oral lessees and share croppers.

- Self Help Groups (SHGs) or Joint Liability Groups (JLGs) of farmers including tenant farmers, share croppers etc.

- The age of the farmer should be between 18 and 75 years of age. 

Benefits

- Revolving cash credit account. 

- The credit balance in the account will fetch interest at the savings bank rate.

- Need-based finance considering cropping pattern.

- The repayment period is as per the crop period.

- 3 per cent per annum interest subvention for prompt borrowers.

- Rupay debit cards for all eligible borrowers.

How to apply for Kisan Credit Card

One can apply for Kisan Credit Card by visiting the nearest bank branch. You will have to fill out the required application along with other details.