To provide short-term credit to farmers, the Government of India offers Kisan Credit Cards at an affordable interest rate. This credit card serves comprehensive financial assistance to farmers as well as saves them from availing loans from unorganised local lenders at substantially higher interest rates. Several financial organisations of the country offer Kisan Credit Cards.
Who can avail?
Individuals, as well as groups of owner-cultivators, sharecroppers, and tenant or lessee farmers, are qualified for this facility. Covering segments like inland and marine fisheries, aquaculture, cropping, and animal husbandries this financial tool serves all. To encourage the agricultural industry, the government keeps Kisan card apply process simple and easy.
How to apply?
Farmers can apply for this credit card both online and offline –
- As a first step, applicants are required to visit the official website of their preferred financial institution.
- After that, they need to find and select Kisan Credit Card among the available credit card options on the online portal.
- Next, individuals have to click on the “Apply” tab to proceed further.
- Then, the online application page will appear on the screen.
- As a next step, applicants have to fill the online form with required and accurate details and hit the “Submit” button.
- On successful submission, an application reference number will be generated. Applicants have to note down the number for further reference.
Farmers have to wait for 3-4 working days for the financial company to process their application. During this time, individuals can check credit card application status online.
On meeting the eligibility criteria, applicants will be contacted to submit their documents. After successful verification, lenders will issue the credit card and send it to the provided address.
However, farmers can also visit the branch of their preferred financer along with the necessary documents for Kisan card apply. Representatives of that organisation can help them out with the entire application process and avail the credit card.
However, it is important to know all the important factors before applying for a credit card and the list of required documents.
What are the documents required?
According to RBI, financial organisations can decide the list of necessary documents as per their requirements to provide these credit cards. Nonetheless, the list of required documents is as follows –
- Duly filled application form.
- Copy of KYC documents.
- Documents of land.
- Applicant’s photograph in passport size.
- Any other security documents as per the financial institution.
What are the benefits of Kisan Credit Cards?
- Kisan Credit Card comes with flexibility in credit repayment for up to 3 years. To reduce the debt burden, this card enables farmers to repay after harvest seasons.
- The loan disbursement process is also simple and hassle-free.
- It is a comprehensive loan facility for all agricultural requirements.
- This credit card provides financial help in purchasing seeds, fertilizers, etc. Moreover, it allows farmers to avail discounts on specific transactions from sellers.
- Farmers can withdraw required funds within the credit limit anytime with minimal documentation from any branch of the card issuer.
- The credit limit on this card is expandable depending on the income.
- This loan facility comes with crop and accident insurance to cover unpredictable financial loss.
For marginal farmers, Kisan Credit Cards offers a flexible credit limit of Rs.10,000 to Rs.50,000. Depending on the cropping pattern and required finance, lenders decide the loan amount. Nonetheless, farmers can always opt for credit cards that offer a higher credit limit.
Credit cards like the Bajaj Finserv RBL Bank SuperCard provide a higher credit limit and several other industry-first features.
In addition, there are several exclusive benefits of the SuperCard that other cards don’t offer.
Lastly, Kisan Credit Cards are an all-in-one credit card that is typically designed to provide financial help to farmers in their agricultural activities. This scheme comes at a time when farmers are desperately in need of financing.