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The Kisan Credit Scheme (KCC) was launched in 1998 and was based on a model scheme developed by the National Bank for Agriculture and Rural Development (NABARD). The scheme was created to help farmers meet their various credit needs in the agriculture sector by providing financial assistance.
This article will provide you with all the details of the Kisan Credit Card Scheme
The Kisan Credit Card scheme was created with the goal of making it easier for farmers to obtain adequate and timely credit. This would assist farmers in purchasing agricultural inputs such as seeds, fertilizers, pesticides, and so on.
Under this scheme, farmers are provided loans ranging from 50,000 to 30,0000. This scheme is also called PM Kisan Credit Card Scheme. The rate of interest on this is 4% for 6 months and 7% for 1 year. This agricultural loan is given for 5 years. This loan is given to the farmers by the government through regional rural banks or other government banks, the farmers use the loan to meet the expenses of farming, fertilizers, sowing, seeds and crop insurance. Kisan Credit Card was started to save farmers from this problem. Farmers can also get crop insurance with this card. If the crop has been destroyed for any reason, then they are also given compensation. For example, the farmer’s credit card is very useful in these problems such as crop burning due to drought or crop submergence due to floods.
Some of the benefits of the Kisan Credit Scheme are as follows:
The term loan component is normally repayable within 5 years, depending on the type of activity/investment and the existing investment credit guidelines.
According to the Finance Ministry, as of January 8, 2021, approximately 1.8 Kisan Credit Cards with a credit limit of Rs 1.68 lakh crore have been sanctioned.
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