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Kisan Credit Card Yojana 2024 | Farmers Will Get Rs 1.50 Lakh KCC Loan

In this article, we are going to give updates on the Kisan Credit Card Yojana 2024. The benefits of Kisan Credit Card Yojana 2024 are for the Kisans belonging to each state. This scheme is to help Kisans take a loan at a low interest rate, as we all know Kisan spent his whole life repaying loans from private people, and still, he was not able to repay the loan until his death. This is a critical situation in India from the very beginning and continues. To take out Kisans from unpaid loans, the Kisan Credit Card Yojana 2024 is launched to give them loans at low interest rates. 

The avail of the benefits of the Kisan Credit Card Yojana, the Kisan has to follow the complete process and check the eligibility requirements. We are going to enlighten the objectives, benefits, and application process of the Kisan Credit Card Yojana below, and review the facts carefully. 

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Kisan Credit Card Yojana 2024: Complete Details 

The scheme of Credit Card for Kisan is launched to help the Kisan to maintain their livelihood in case of worse financial conditions. Instead of going to private lenders for money, a Kisan can a loan from the Kisan Credit Card Yojana, and the interest rate of the Kisan Credit Card Yojana is very low as compared to the private lender dynamic interest rate. The application process for Kisan Credit Card Yojana is very straightforward. Any Kisan can easily apply for the Kisan Credit Card Yojana. He has to show the necessary documents for the Kisan Credit Card Yojana.

  1. The Kisan will get an interest of 2.00% on the loan which is the lowest of any other loan.
  2. The bank will not ask for any security to be kept with the bank for a loan up to Rs 1.6 Lakh.
  3. The Kisan Credit Card Yojana will cover the crop insurance against the various calamities for the crops.
  4. If a Kisan has a disability he will be provided with insurance and the scheme will give death or other risks.
  5. The repayment period of the loan will be chosen as per the harvesting of the crop.
  6. A Kisan can take a loan of up to Rs 3 Lakh from Kisan Credit Card Yojana.
  7. If a Kisan deposits money in the bank account under the Kisan Credit Card Yojana, they will get a good rate of interest on their deposit money.
  8. The interest rate on prompt payment is simple.
  9. If a person fails to repay the loan, the bank has compounded interest on the installment.
  10. The person will get five years to repay the loan.

Eligibility for Kisan Credit Card Loan

  1. The minimum age requirement to apply for the Kisan Credit Card Yojana is 18 years.
  2. A Kisan of a maximum age of 75 years can apply for a Kisan Credit Card Yojana.
  3. If a Kisan is above 60 years of age, he must have a co-borrower and the co-borrower should be a legal heir of Kisan. 
  4. Every Kisan can apply for a Kisan Credit Card Yojana whether he is an individual cultivator or a joint cultivator.
  5. The Kisan Credit Card Yojana also covers the tenant farmer, oral lease farmer, and sharecroppers.

Documents Required for Kisan Credit Card

To apply for the Kisan Credit Card Yojana, Kisan has to show certain documents to become eligible for the Credit card and the documents are listed below.

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  1. The Kisan applicants must have a PAN Card, Voter Card, Aadhar Card, and Ration Card.
  2. He will be asked to submit a passport-size photo, address proof, and Bank Account Passbook.

How to apply for a Kisan Credit Card

Any Kisan can apply for the Kisan Credit Card Yojana. All you need to follow the below-given steps to get the benefit of the Kisan Credit Card Yojana and a loan at a low interest rate. 

  1. The Kisan Credit Card will be issued in the banks. The Kisan has to visit the bank in which he has his bank account or another bank of his choice.
  2. You can go to the bank offline or visit the website of the bank online.
  3. On the website of the bank, you can save the form for Kisan Credit Card Yojana or you can ask for the offline form from the bank branch.
  4. If you saved the pdf of the Kisan Credit Card Yojana form, take a print of it otherwise the bank will give the printed form.
  5. You need to put all the details in the Kisan Credit Card Yojana form carefully and correctly.
  6. And then, attach the docs/pics with the Kisan Credit Card Yojana form.
  7. Visit the bank branch and submit the Kisan Credit Card Yojana form along with documents.

Kisan Credit Card Yojana: Example

Suppose a Kisan has one acre of land for farming. Then the loan amount for the different crops is written below.

  • For Potato farming- The loan will be Rs 12500 per hectare
  • For Rice Farming- The loan will be Rs 55000 per hectare
  • For Bajra Farming- The loan will be Rs 52000 per hectare
  • For Tomatao Farming- The loan will be Rs 69000 per hectare

From the loan amount, the Kisan can use 20% of the amount for the maintenance of the land and 105 for taking care of crops. The one complete year can seen as follows.

Name of Crop

Limit the First Year 

Second

Third

Fourth 

Fifth 

Rabi (Aallu)

Rs 125000

 

 

 

 

Kharif (Dhan)

Rs 55000

 

 

 

 

Total- A

Rs 180000

 

 

 

 

Maintenance Amount- B

Rs 36000

 

 

 

 

Taking care Amount- C

Rs 18000

 

 

 

 

Total A+B+C 

Rs 234000

Rs 257400

Rs 283140

Rs 311454

Rs 342600

Conclusion:

A person who is a Kisan whether he has land or not means he is a tenet Kisan, he can apply for a KCC Loan, and the bank will give the money for harvesting crops throughout the year at a nominal interest rate, and the loan amount can be easily paid up by the Kisan when he sells his crop, in case of any calamity, the Kisan will get the insurance. Kisan Credit Card Scheme is very beneficial, all Kisan in case of need of money should take the Kisan Credit Card Loan rather than go to private lenders and be stuck in between the traditional never-ending loan system. We hope to cover all the required details for the Kisan Credit Card Scheme on this page, if any person has any issues or doesn’t, please comment below. 

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