The Central Government of India has introduced various schemes for the welfare of farmers. One of the most impactful schemes, especially during financially challenging times, is the Kisan Credit Card (KCC) scheme. This initiative aims to provide affordable financial assistance to farmers based on their agricultural needs and landholding.
Under this scheme, farmers can avail loans up to ₹3,00,000 at a low interest rate of just 4%, making it one of the most beneficial loan options in the country.
What is Kisan Credit Card Scheme?
The Kisan Credit Card Scheme is operated by the Government of India to offer short-term credit to farmers at subsidized interest rates. Introduced in 1998, this scheme was designed to ensure that farmers get easy access to funds for their agricultural and allied activities without falling into the debt trap of private lenders.
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Key Benefits of Kisan Credit Card Scheme
- Loan up to ₹3 lakh at just 4% interest rate
- No need for a heavy documentation process
- Applicable across all states and for all types of farmers
- Interest subvention of 2% by the government
- Additional 3% rebate on timely repayment, reducing the effective interest rate to just 4%
- Funds can be used for buying seeds, fertilizers, equipment, or even for allied activities like dairy or poultry
- Flexible repayment terms
Who Can Apply?
If you are a new applicant who has never availed the KCC scheme before, you can visit your nearest bank branch and apply easily. All you need are some basic documents and your land records.
Even small and marginal farmers are eligible to apply.
Required Documents for KCC Scheme
To apply for a Kisan Credit Card, make sure you have the following documents ready:
- Aadhaar Card
- PAN Card
- Address Proof
- Income Certificate
- Caste Certificate (if applicable)
- Land Ownership Documents
- Bank Passbook/Statement
- Passport-size Photographs
- Mobile Number
Interest Rate and Government Subsidy
While normal agricultural loans may have higher interest rates, under the KCC scheme, farmers are offered a base interest rate of 7%, with an additional 2% interest subvention from the Central Government. Moreover, if the farmer repays the loan on time, an additional 3% rebate is provided.
This brings the effective interest rate down to just 4% for loans up to ₹3 lakh – making it one of the cheapest loan options available in the country.
How to Apply for Kisan Credit Card – Step-by-Step Process
If you want to benefit from this scheme, follow the simple steps below:
- Visit your nearest bank branch that offers KCC services.
- Ask for the Kisan Credit Card Application Form.
- Fill in all the required details carefully.
- Attach all the necessary documents and photocopies.
- Submit the completed form to the bank officials.
- Your application will be verified and processed by the bank.
- Upon approval, the loan amount will be directly credited to your bank account.
Many banks like SBI, Bank of Baroda, PNB, and others offer online KCC application options through their official websites as well.