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Kisan Credit Card (KCC) is an initiative of the government of India to support farmers financially. It is a credit card that is specifically designed for agricultural purposes. The card is issued to farmers by banks, providing them with access to funds for purchasing agricultural inputs such as seeds, fertilizers, pesticides, and agricultural equipment. The primary objective of KCC is to provide timely, affordable and adequate credit to farmers for their agricultural needs.
Features of Kisan Credit Card:
1. High credit limit: The cardholders can avail of credit ranging from Rs. 50,000 to Rs. 5 lakhs, depending on their creditworthiness and crops grown.
2. Flexible repayment options: The repayment period for KCC loans ranges from 12 months to 5 years, depending on the amount borrowed, and farmers can repay their loans in installments after the harvest.
3. Low-interest rates: KCC loans have relatively lower interest rates as compared to other loans, making them a better option for farmers.
4. Multiple withdrawals: The cardholders can make multiple withdrawals depending on their needs, and as they repay the loan amount, the credit limit increases.
5. Insurance cover: KCC also provides insurance cover for the farmers’ crops, ensuring that they don’t suffer losses due to natural calamities or other disasters.
How to get a Kisan Credit Card:
1. Farmers can approach their nearest bank or financial institution to apply for a Kisan Credit Card.
2. The applicant must provide all the necessary documents, including identification and income proof.
3. The bank will then process the loan application and evaluate the applicant’s creditworthiness.
4. Once the loan application is approved, the farmer will receive the KCC, enabling them to use the credit for agricultural purposes.
In conclusion, Kisan Credit Card is a boon for the farmers who need urgent funds for agricultural purposes. It is a reliable and affordable source of credit, ensuring timely access to credit for farming needs. The facility of KCC has given a considerable impetus to the farming community in India, helping them prosper and grow.