Kisan Credit card Loan Scheme 2020
In This Post, We are Provide Information About the Kisan Credit card Loan Scheme 2020. How to Apply For Kishan Credit Card. What Is Create Area Of Kishan credit card Yojana? Download the Kishan Credit card Form in PDF.
The Kisan Credit Card is a scheme of the Government of India aimed at protecting farmers from interest rates, usually by unorganized sector lenders.
 |
| Kisan Credit card Loan Scheme 2020 |
The interest rate under this scheme can be as high as 2.00%. In addition, the repayment time depends on the harvest or marketing period for which the loan amount was taken. Other details are given below.
The features and benefits of the Kisan Credit Card are as follows:
The interest rate can be as low as 2.00 Collateral free loan up to 1.60 lakh Farmers are also provided crop insurance scheme The following insurance cover is provided Rs. 50,000 against permanent disability and death. 25,000 against other risks.
The repayment period is based on the harvest and marketing period for which the loan amount was taken.
Loans up to Rs 3 lakh can be taken by the cardholder. Collateral is not required on loans up to Rs 1.60 lakh. Farmers get more interest on savings in their Kisan credit card account.
A simple interest rate is charged until the user makes a comprehensive payment. Otherwise, the compound interest rate applies to Kisan Credit Card Loan is provided to anyone who is engaged in agriculture, allied activities, or other non-agricultural activities.
The detailed criteria for becoming eligible for Kisan Credit Card Loan are as under:
Minimum age 18 years
Maximum age 75 years
If any borrower is a senior citizen (above 60 years of age), co.
The borrower is mandatory where the co-borrower should be the legal heir.
SHGs or joint liability groups, including tenant farmers
 |
| Kisan Credit card Loan Scheme 2020 |
Kisan MasterCard application
Visit a bank of choice that's offering Kisan Mastercard. If the bank allows KCC online application then download it
Fill out the appliance form and submit it with the loan officer
The loan officer after considering all the factors will set the Kisan MasterCard loan limit and invite collateral if the loan amount is over Rs. 1.60 lakh
Post-processing the farmer will receive their Kisan MasterCard
Kisan MasterCard Loan Usage
Once the customer gets their MasterCard they will start using it directly to form cash withdrawals or direct purchases. Some banks also issue checkbooks.
Customers must make sure that they pay back the quantity promptly. this may make sure that only interest is applied on the loan and not interest. If interest is applied the farmer will need to pay less compared to interest where the payout is going to be more.
Eligibility – Anyone whose loan repayment date or dates are falling between 1 March 2020 and 31 May 2020.
How to use – Contact your bank so as to apply for the moratorium. it might be better if you call the bank’s customer care cell rather than visiting the bank face to face. Do note that some banks will automatically apply the moratorium period on the loan account if the customer skips the payment during this era, 1 March 2020 and 31 Aug 2020.
What Loan Repayments are covered – the power is out there on the subsequent payments:
Principal and/or interest components
Bullet repayments
Equated Monthly Instalments (EMIs)
Credit Card Statements
Moratorium Period – Currently, the moratorium period is of three months only.
Turn off Auto-Pay – Stop the standing instruction provided at the bank so as to use this facility.
Most Important Link
Click Here To Download Kishan Credit card Loan Application Form
Full Information Read In Gujarati PDF File
Should you apply for the Moratorium Period?
Depends, if you are feeling that you simply could also be ready to bridge over these difficult times even after paying the loan amount then, by all means, pay it off. because it will prevent having to pay additional interest charges which will be applicable during the moratorium period. However, if you are feeling that you simply should conserve money for an emergency or require funds to sustain yourself then apply for the moratorium.
No comments:
Post a Comment