The bank’s role is critical in the formation of KCC. Because these cards are manufactured by the bank. However, additional benefits are available by obtaining a State Bank of India card. Let’s find out.
KCC: The central government is implementing a program to provide farmers with Kisan Credit Cards (KCC). Farmers are given a special type of credit card under this scheme, which allows them to obtain loans on time. This programme was established in 1998 to provide short-term loans. The National Bank of Agriculture and Rural Development prepared it (NABARD).
It is less expensive to obtain a loan through KCC.
Taking out a loan with the Kisan Credit Card is very inexpensive. In addition, the PM Kisan Credit Card is now linked to the PradhanMantri Kisan Samman Nidhi Yojana (PM Kisan). You can borrow up to Rs 3 lakh from KCC at a 4% interest rate. At the same time, it has become much easier for PM Kisan’s beneficiaries to apply for KCC. The bank’s role in this campaign is critical. Because these cards are manufactured by the bank. However, additional benefits are available by obtaining a State Bank of India card. Let’s find out.
During the Corona period, more than 2 crore KCC were issued.
‘More than 2 crore Kisan Credit Cards were issued during Corona, the majority of which were given to small farmers,’ according to PIB. These farmers will benefit from the agricultural infrastructure and connectivity infrastructure that will be built in the country. KCC is given to farmers to meet their needs in the farming, fishing, and animal husbandry sectors. They receive a loan in a short period of time, allowing them to meet the equipment and other expenses. At the same time, a credit limit has been established for this.
Read More: PM Kisan Samman Nidhi Scheme: How Farmers Can Check PM Kisan Scheme 10th Benefit
The interest rate is extremely low.
Banks provide farmers with low-interest loans for crop planting. This loan is only available through Kisan Credit Card. Farmers are given loans of up to Rs 3 lakh under this scheme, with no guarantee. Simultaneously, short-term loans of Rs 5-3 lakh are available at an interest rate of only 4%. This loan is subsidised by the government at a rate of 2%. At the same time, a 3% rebate is given for repaying the loan on time. In this manner, this loan is only available at 4%, but if repayment is delayed, the interest rate of this loan rises to 7%.
This is how SBI can be converted into KCC.
Your account should be in SBI to be eligible for the SBI Kisan Credit Card. You can apply for KCC at any bank branch. Aside from that, you can apply for a Kisan Credit Card at home using the YONO app on your mobile phone. All you need to do is apply for the Kisan Credit Card through the YONO agriculture platform.
Steps to apply online
Step 1: Download SBI YONO App
Step 2: Login to https://www.sbiyno.sbi/index.html
Step 3: Go to YONO Agriculture
Step 4: Next to Khata
Step 5: KCC Review Section Go to
Step 6: Now Click on Apply
