The Kisan Credit Card Scheme (KCC) was launched in collaboration with NABARD and Reserve bank of India (RBI). In an attempt to increase the income of the farmers by 2022 the Government is offering KCC loan of up to Rs. 3 Lakh against minimal documents.
The scheme offers farmers a subsidised interest rate to help manage finances for both household and cultivation. The rate of interest was set to be 9% which is being reduced to 7% via a subsidy offered by the Government. Additionally, the Government is also offering an incentive of 3% which has reduced the interest rate further to 4% making the advances affordable to the farmers.
Under KCC, you can also enjoy a flexible repayment method and repay the availed amount within five years. The credit card limit also varies with financial institutions. Several financial institutions offer a higher limit if you can meet the income ceiling.
These credit cards also offer customised crop insurance plans and such other benefits. To apply for a Kisan credit card, you are required to meet its eligibility criteria such as you are required to be between the ages of 18 and 75 years. Also, you are required to be a farmer (owners or joint cultivators), tenant farmers, sharecroppers, oral lessees, etc.
Alternatively, if you fail to meet the eligibility criteria but require credit cards at an attractive interest rate, you can apply for credit cards such as the Bajaj Finserv RBL Bank SuperCard that offers benefits such as interest-free ATM withdrawal, emergency loans, robust security, etc.
While application, you are required to submit specific documents such as Aadhaar card, PAN card, voter ID, ration card, etc.