Kisan Credit Card Loan or KCC loan is offered to all farmers to help them meet their short term credit requirements for agricultural activities. Under Kisan loan, a cash credit limit is offered for up to 5 years at interest rate starting from 7% p.a.
The Kisan Credit Card or KCC scheme was introduced by Government of India in 1998 for the issuance of Kisan Credit Cards to farmers based on their holdings for uniform adoption by the banks so that the farmers can use them for readily purchasing agriculture inputs, like seeds, fertilizers, pesticides, and so on and draw cash for their production needs.
The KCC card scheme was further extended in the year 2004 for the investment credit requirements of farmers, i.e. allied and non-farm activities. Now, the scheme provides broad guidelines to banks for operational lising the kisan credit loan scheme.
KCC is provided in the nature of a revolving cash credit account. The credit balance in the KCC bank account, if available, will fetch interest at Savings bank rate.
The KCC loan interest rate is decided as per the loan amount, prevailing MCLR and guidelines of the lending bank. As of now, KCC loan interest rate 2021 for loans up to Rs. 3 Lakhs is 7% p.a.
The eligibility criteria for PM Kisan loan are as follows:
If you are looking for KCC loan online apply with the following documents:
Below are the application online and offline processes for the KCC loan application:
Online process
Offline process
The validity period of the Kisan Credit Card is 5 years.