PM Kisan Yojana: Beneficiaries of PM Kisan can get Cheap Loans From the Government
The PM Kisan Yojana provides farmers with financial assistance of Rs. 6000 per year as well as loans at an affordable rate. Crores of Indian farmers received the 9th installment of the scheme on 14 May 2021.
Kisan Credit Card (KCC) Scheme is linked to PM Kisan Yojana. Therefore, beneficiaries of PM Kisan can easily apply for agriculture loans through Kisan Credit Card at affordable rates, in addition to many other benefits.
KCC Interest Rate
Banks offer low-interest loans to farmers for a wide range of farming purposes. Kisan Credit Card is the only way to apply for this loan. Agricultural loans as high as Rs 3 lakh are offered through KCC. The bank also offers short-term loans at an interest rate of 4 percent for amounts between Rs 3-5 lakhs. Minimum interest rates for KCC loans are 2% per year. Furthermore, farmers who repay their loans on time receive a discount on interest rates.
Documents Needed for KCC loan.
- Proof of Identity – Aadhaar Card, PAN Card, Voter’s ID Card, Passport, Driving Licence
- Address Proof – Passport, Aadhaar Card, Utility bills (not more than 3 months old)
- Income Proof – Bank statement for last three months, Salary slips
How to get Kisan Credit Card?
Here is how you can apply for KCC online and offline;
- Go to any bank of your choice that provides Kisan credit card or can also visit their official website (to apply online).
- Meet the loan officer and ask for the application form
- Fill out the application form & submit it
- The loan officer after considering all the factors will set KCC loan limit and give you necessary details
- You will get your Kisan credit card within 15 days
Top Banks that provide KCC
- State bank of India
- Punjab National Bank
- HDFC
- Axis Bank etc