How To Apply For PM Kisan Credit Card? What is the Eligibility criteria?

In order to apply for PM Kisan Credit Card, first we need to understand it’s concept. The Kisan Credit Card Scheme was launched by the Indian Government in 1998 with a motive to provide short term credit to farmers. The farmers, with this, could invest in their production to yield better outcomes, purchase equipments and make other expenses.

KCC saves the Indian farmers from the high interest rates on loans by banks. The interest rate for KCC starts as low as 2% and averages at 4% along with a collateral-free loan up to ₹1.60 lakh. It also covers insurance. It’s aim is to not only meet the comprehensive credit requirements of the agriculture sector but also the fisheries and animal husbandry sector.

How to Apply for PM Kisan Credit Card?

You can apply or register for PM Kisan Credit Card Scheme by both online and offline means.

For Online registration:

  1. Go to the official website of any bank of your choice to register for KCC.
  2. Go to the Kisan Credit Card section on the page.
  3. By clicking on the ‘Apply’ button, the page will lead you to an application form.
  4. Fill in all the details required and submit the form.
  5. Further, you will receive an application reference number.
  6. The bank will get back to you for the next procedures within 3-4 days.

For Offline registration:

  1. Go to the official website of any bank of your choice to register for KCC.
  2. Go to the Kisan Credit Card section on the page.
  3. By clicking on the ‘Apply’ button, the page will lead you to an application form.
  4. Download the form and print it.
  5. Fill the form and submit it with the other required documents to your nearest bank branch.
  6. If you can’t download the form, you can simply visit the bank branch and they will provide you with the application form. You can fill in the details and submit it along with the other documents.
  7. Upon the sanction of the loan amount, the KCC will be dispatched.

Documents needed to apply for PM Kisan Credit Card 2020

  • Completely filled application form.
  • Photocopy of identity proof ( Aadhaar card/ PAN card/ Voter ID card/ Passport/ Driving License etc)
  • Photocopy of address proof ( Aadhaar card/ PAN card/ Voter ID card/ Passport/ Driving License etc). The address mentioned in the document should be the current address of the applicant.
  • One or more passport size photographs of the applicant.
  • All the land holding documents.
  • Other documents like the PDC as asked by the bank.

A look of the Form to apply for Loan

Click here to download.

How To Apply For PM Kisan Credit Card

Benefits of Kisan Credit Card:

  • The farmers are given loans at a very low interest rate of 2-4% to meet their financial needs along with agricultural needs.
  • In order to avail a loan of up to 1.6 lakh, collateral is not necessary.
  • Insurance coverage for KCC holders is up to Rs.50,000 in the case of permanent disability or death. In the case of other risks, There is a coverage of Rs. 25,000.
  • A KCC holder can take a loan of up to 3 lakhs.
  • Flexible repayment options and hassle-free disbursement procedure.
  • Credits can be taken for a period of 3 years and repayment can be done after the harvest.
  • Crop insurance is also provided to the card holders.
  • They also get assistance in the purchase of fertilizers, seeds, etc and can avail cash discounts from merchants/ dealers.

What is the Eligibility criteria to apply for the Scheme/

The minimum age to apply for KCC is 18 years and the maximum age is 75 years. If a borrower is a senior citizen (age is more than 60 years), a co-borrower is mandatory where the co-borrower should be a legal heir.

  • Sharecroppers, tenant farmers, individual farmers who are owners or cultivators or an oral lessee
  • Members of a group who are joint borrowers. The group has to be owner-cultivators.
  • Self-help groups (SHG) or joint liability groups (JLG) of sharecroppers, farmers, tenant farmers, etc.
  • Also, farmers involved in the production of crop or allied activities such as animal husbandry along with non-farm activities such as fishermen.

Kisan Credit Card Limit

The cultivation of crops according to the scale of finance and cropping pattern, Household / post-harvest consumption requirements, expenses related to the maintenance of crop insurance, farm assets, Asset insurance and Personal Accident Insurance Scheme (PAIS) are the factors.

Leave a Comment

Your email address will not be published. Required fields are marked *