As an AI language model, I do not have personal experiences or beliefs, but I can present you with an article on information about interest waived of Kisan credit card.
Kisan Credit Card (KCC) is a credit scheme implemented by the Government of India with the aim of providing farmers easy access to credit. Under the scheme, farmers can get credit for their agricultural and related activities at subsidized rates of interest. One of the most significant benefits of the Kisan Credit Card scheme is the interest waiver.
Under the scheme, farmers who repay their outstanding dues on time are eligible for interest waived on their Kisan Credit Card accounts. This means that the interest component of the loan is waived, allowing farmers to save a considerable amount of money.
To be eligible for the interest waiver, farmers need to ensure that they pay their dues within the stipulated time. Most banks offer a grace period of 30 days for repayment of KCC dues. If the farmer repays the dues within this period, he/she is eligible for the interest waiver. However, if the farmer fails to pay the outstanding dues within the grace period, the interest waiver facility gets revoked.
The Kisan Credit Card scheme allows farmers to take a credit limit of up to Rs. 3 lakhs. The credit limit depends on the landholdings, crop patterns, and the creditworthiness of the farmer. The KCC can be used for crop loans, investment credit, and working capital requirements.
The interest rate charged on the Kisan Credit Card varies from bank to bank. However, the government has ensured that the interest rates are subsidized to make it affordable for the farmers. The interest rate is generally 7% to 9%. Farmers borrowing funds under the scheme can repay the loan in installments, and the loan tenure can be up to five years.
In conclusion, the Kisan Credit Card scheme has provided farmers with easy access to credit for their agricultural activities. The interest waiver is one of the significant benefits of the scheme, which can help farmers save a considerable amount of money. Farmers should ensure that they repay their dues within the stipulated time to avail the interest waiver.