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Kisan Credit card Online India 2018

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Kisan Credit Card

Kisan Credit Card (KCC) was introduced by the government as a credit delivery instrument that helps farmers to have access to affordable loans. This system was launched by the NABARD and the Reserve Bank of India. This scheme was introduced to help the farmers reduce their dependence on the informal lenders who charge a hefty interest rate. These informal institutions have earned a bad name for making the farmers enter a vicious circle of debt. To make the farmers avoid this debt spiral, the RBI and NABARD have come up with the Kisan Credit card. The introduction of a Kisan Credit card was proposed in the budget session of the year 1998-1999 by Yashwant Sinha, the then Finance Minister. After rounds of discussion with major banks across the country, NABARD came up with a Model Kisan credit Card Scheme.  
The idea behind Kisan Credit Card

This card includes flexible payment schemes once the harvest season is over. Hence, if the farmer suffers a bad crop, they can push the payment of the instalments. So, in a situation where they would need to immediately purchase fertilizers, seeds, and pesticides, they turn to these non-institutional means of credit.  In return, these farmers are duped as they are asked to pay a high rate of interest. Several cases of farmer suicides have been reported in the country because of pressure from these money-lenders to pay of the debts in a hurry. To avoid such miscreants from taking charge and misleading the farmers, the government had introduced the Kisan Credit Card.

How do Kisan Credit Cards work?

Kisan credit cards operate through a simple process. The banks in India issue these credit cards to the farmers on the basis of their land holding and the income that they earn from it. To procure this card, the farmer should also have a fair credit history. Individuals who get the Kisan Credit Card, are offered facilities like details of the land they own, passbook with their name engrossed on it, credit limit, among many others. These facilities help them to keep a track on the expenditure they make using the Kisan credit card. In fact, these features also act as the cardholder’s proof of unique identification. Kisan credit cards can be used at several brick and mortar stores as well as to make cash withdrawal.  

Features of a Kisan Credit Card

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Listed below are some of the primary features of the Kisan credit cards:

  • These cards provide credit to meet monetary requirements related to agriculture and other activities related to the same.
  • Individuals receive additional credit for production of crops and other agro-related circumstances.
  • Cardholders receive insurance coverage.
  • Under KCC, the National Crop Insurance scheme is provided to the cardholders that offers them coverage for loans procured to produce crops.
  • Farmers receive protection against the loss of crops due to natural calamities, attacks by pests, etc.
  • In certain situations, collateral security is also provided.
  • The security, rate of interest, and margin are set by the RBI.
  • Credit limit can be increased to handle the changes in cropping pattern, rise in costs. However, this depends on the way the credit card is being used by the cardholder.

Benefits of Kisan Credit Card

  • Cash can be withdrawn from the branch of any bank.
  • Repayment options are flexible.
  • The disbursement procedure involved is hassle-free.
  • Term loan or single credit facility is available for all activities related to agriculture.
  • Assistance in buying seeds, fertilisers, etc.
  • Credit limit is determined by the income generated from agricultural sources.
  • Credit is available for up to 3 years without any appraisals.

Banks in India that offer Kisan Credit Cards

Listed below are the banks in India that offer Kisan Credit Cards:

  • Indian Overseas Bank (IOB)
  • Axis Bank
  • State Bank of India
  • Bank of India
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