Kisan Credit Card Scheme Details: Kisan Credit Card facility first introduced by then Finance Minister,”Yashwant Sinha” in 1998-99. It was introduced with the aim to facilitate Indian Farmers to provide them credit facility when they need. But by today, there was no complete implementation till present. Recently, a new revised Kisan Credit Yojna was launched by India’s Finance Minister Mr. Arun Jaitley to now speed the pace of credit facility during the financial budget.
Kisan Credit Card Yojana / Scheme
Main Objective of Revised Kisan Credit Card Yojana
- To fulfill Farmer / Fishermen household requirements.
- To provide short-term loans required to fulfill their requirements during cultivation.
- Funds required for purchasing new machinery for crops, fisheries, animal husbandry.
- Also working capital for Fisheries / Farmers.
- To facilitate the farmers with the time-saving fast procedure.
Benefits of Kisan Credit Card Scheme
- No need to apply for every cultivation
- Simplifies disbursement procedures
- Helps buy seeds, fertilizers at fishermen’s convenience and choice
- Removes rigidity regarding cash and kind
- Ensuring to reduce interest on loan at any time
- Helps to get cash discount
- Easy Repayment Option
- Flexible Rate of Interest
- Withdrawals to credit limit
- Flexibility in getting required money in easy terms
- Facility of withdrawing money at one convenience from their home branch instead of selected branches
- Simplification of document procedure, minimum workloads
- Maximum Credit Support
- Instead of seasonal loan facility, there has been an introduction of 3-year repayment scheme
- Adequate & timely payment
Documents required to get KCC
1. Identity proof:
- Adhaar Card
- Voter ID card
- PAN card
- Driving License
2. Address proof:
- Voter ID card
- Aadhaar card
- Driving license
3. An application form
Personal Accident Insurance Scheme for KCC holders
Under PAI Scheme, if a death or permanent disability occurs a sum of Rs. 50,000/- will be payable under
- Natural Death
- Death due to accident (within 12 months)
- Permanent Disability (loss of two limbs / two eyes / Rs. 25,000 in case of one limb and one eye)
- A premium of Rs. 15/- or Rs. 45/- shall be payable in case of a 1-year policy or a 3-year policy respectively.
- A physical bond will be issued by Insurance Company to all Kisan Credit Card holders.
- Banks to ensure Nominee name in Kisan Credit Card cum Passbook.
- Insurance Coverage Available under Policy only.
- A receipt of policy also be generated.
- There will be a local office for the insurance company will be designated for co-operating with KKC holders at a district level.
- Simplification of claim settlement by bank or insurance company or local representative to certify the nature of death causing naturally / accident / permanent disability.