The Kisan Credit Card Scheme (KCC) is a vital financial support system for farmers, offering them low-interest rate loans.
It’s the country’s most affordable loan scheme, designed to address the urgent financial needs of farmers.
The government extends subsidies on interest rates and loan amounts to farmers who repay their loans promptly.
So far, over 3 crore farmers have benefited from this scheme, with the number of participants steadily increasing.
Reduced Interest Rates
Farmers often require financial aid for their agricultural activities, which sometimes led them into the high-interest trap of moneylenders.
The KCC Scheme aims to provide affordable and accessible loans to farmers. Under this scheme, loans are offered with a maximum interest rate of 7 percent.
However, farmers who repay their loans on time receive a 3 percent interest rate discount, effectively paying only 4 percent interest.
Up to Rs 3 Lakh in Loans
Through a special campaign, the government has connected over 3 crore farmers to the KCC Scheme, with this number continually growing.
To be eligible for the Kisan Credit Card Scheme, applicants must be between 18 to 75 years old.
The scheme covers various agricultural activities, including purchasing fertilizers, seeds, agricultural machinery, fish farming, and animal husbandry.
Farmers can secure loans of up to Rs 3 lakh under this scheme.
Application Process
The government has made accessing the Kisan Credit Card Scheme more convenient by linking it to the PM Kisan Yojana.
You can find the Kisan Credit Card application form on the PM Kisan website. After downloading it, you can complete the form
and submit it to any bank to open a KCC account and avail the scheme’s benefits.
KCC accounts can also be opened by obtaining the form from government or private banks, including State Bank of India (SBI), Indian Bank, Central Bank of India, and Union Bank of India.
Required Documents
To open a Kisan Credit Card account, banks typically request certain documents. These include the Aadhar card, PAN card, and farming-related documents.
Additionally, a photograph of the applicant is required, and a ration card or voter ID card can also be used to open an account.
