How to apply for SBI Kisan Credit Card?

The ‘s (SBI) Kisan Credit Card (KCC) provides timely and adequate credit to farmers to meet their cultivation expenses. It also addresses farmers’ contingency expenses and expenses related to ancillary activities via a simple procedure allowing borrowers to avail loans basis their needs.

Here is a look at the features, benefits, interest rate, eligibility and process of applying for SBI’s Kisan Credit Card as per a press release issued by the bank.

Features and benefits

KCC will be like a revolving cash credit account
Credit balance in the account, if any, will fetch savings bank’s interest rate
Tenure: 5 years, with a 10% annual increase in limit every year subject to annual review
Interest Subvention: 3% interest subvention for prompt borrowers up to Rs 3 lakh
Repayment: The repayment period as per the crop period (short/long) and marketing period for the crop
Allotment of RuPay cards for all eligible KCC borrowers
Accidental insurance of Rs 1 lakh for Rupay Cardholders if the card is activated once in 45 days

Eligibility

All the farmers-individuals/joint borrowers who are owner cultivators
Tenant farmers, oral lessees, Share Croppers, etc.
SHGs or Joint Liability Groups of farmers including tenant farmers, share croppers, etc.

Interest rate

Up to Rs 3 lakh: 7%
Above Rs 3 lakh: As applicable from time to time