The Government of India has introduced several schemes over the years that have been beneficial for different sectors. When it comes to the agricultural industry, the introduction of the Kisan Credit Card (KCC) scheme can be termed as a remarkable way forward.
This credit card scheme solely focuses on providing loans to agriculturists, typically farmers, who are unable to bear high-interest rates yet need high-value financing. The low rate of interest under this scheme has opened different avenues for these individuals who are willing to introduce additional funds to their farming endeavors.
The KCC scheme came into the picture in the year 1998 with the purpose to provide the necessary financing to farmers. With the recent Atmanirbhar Bharat package, around 2.5 crore farmers can benefit from this scheme with a credit boost of Rs.2 lakh crore. So, here are a few of the latest developments regarding the loan scheme that you should know about. Further, you can also take a look at the application process involved in availing of this card.
Latest news about Kisan Credit Card
According to a study, ever since the government extended the advantages of the KCC scheme, more farmers have opted for external financing. Further, around 14 crore farmers will be presented with insurance guarantee loans to be used for their business purposes.
Now that both cattle farmers and fishermen can also avail these benefits, the agricultural operation is expected to be a lot smoother.
Things you need to know about KCC and its use
There are so many important things to pay heed to before someone proceeds with the credit card’s application. However, this KCC scheme is comparatively easier to understand since it is designed to help the farmers with easy availability of finances. Follow the steps below to apply for a KCC.
- Farmers are required to download the Kisan Credit Card from the dedicated website.
- They then need to fill up the required sections with details regarding land documents, bank, and crops.
- After submitting the application, the concerned issuer will contact the user regarding the same.
The documents needed for the KCC application are relatively minimal and include a PAN card, Voter ID card, and Aadhaar card.
Even though the process is easier to complete online, individuals can also visit their provider’s nearest branch or any convenient financial institution to apply for a Kisan Credit Card.
Further information regarding other credit card options
Credit cards are usually handy financial tools that help provide instant funds. The facility to convert high-value purchases to small monthly EMIs has been another advantage for the cardholders. Cards like the RBL credit card also help you with emergency loans, which have can be typically helpful for farmers.
When it comes to Kisan Credit Card, this initiative by the government was made primarily to help these farmers get rid of the financial burden and operate their businesses smoothly. With so many advantages, including low-interest rates, they have been able to overcome the losses.
One can improve his/her financial standing by utilizing a few tips to get the most out of a credit card. However, the repayment plan should equally be prioritized once you start using a credit card. It is better to chalk out how you can repay your credit card debt beforehand so that you don’t face complications in the future.
Top NBFCs have also come up with different credit card types that suit their requirements. For instance, the Bajaj Finserv RBL Bank SuperCard provides a range of benefits according to the customer’s tailored needs.
To better understand the available features, one should research the type of credit card he or she is applying for.
Card issuers like Bajaj Finserv also bring pre-approved offers that make the financing process comparatively smoother. These offers are available on several financial products, for instance, credit cards, personal loans, business loans, etc. You can check your pre-approved offer by providing minimal details like your name and contact number.
In the case of Kisan Credit Card, it possesses a wide range of benefits that one should know about before applying to maximize the use. From the repayment procedure to interest rate applicability, everything should be beneficial for joint as well as individual cultivators, share-croppers, or even tenant farmers.
