Kisan Credit Card limit Update News: Many new rules are being implemented this financial year, as announced in the Union Budget 2024-25. Finance Minister Nirmala Sitharaman made significant announcements for farmers in the budget presented on February 1, including the decision to increase the loan limit of the Kisan Credit Card (KCC). Now, farmers can easily get a loan of up to Rs 5 lakh instead of Rs 3 lakh.

The government has raised the KCC limit to provide relief to farmers, but the agricultural budget has also been reduced. Let’s take a look at all the details here.

How Will Kisan Credit Card Help?

  1. The Kisan Credit Card (KCC) is an important banking facility for farmers, helping them meet their farming-related needs.
  2. It helps in purchasing agricultural commodities like seeds, fertilizers, and pesticides.
  3. It provides timely and affordable credit for crop production and other related expenses.
  4. Since 2019, it has also covered working capital requirements for animal husbandry, dairy, and fisheries.

How Many Farmers Have Benefited?

  • As of December 31, 2024, the total amount under active Kisan Credit Card accounts has crossed Rs 10 lakh crore.
  • A total of 7.72 crore farmers have benefited from this scheme.
  • In March 2014, this amount was Rs 4.26 lakh crore, and it has now more than doubled.

Impact on the Agriculture Sector in the Budget

The government has cut the budget for the Ministry of Agriculture by 2.75%, bringing it down to Rs 1.37 lakh crore. However, the government has increased the budget for the fisheries, animal husbandry, and dairy sectors by 37%, raising it to Rs 7,544 crore. The budget for the food processing sector has been increased by 56%, reaching Rs 4,364 crore.

The total budget for agriculture, allied sectors, and food processing for the financial year 2025-26 has been set at Rs 1.45 lakh crore. With new scheme allocations, it could exceed Rs 1.47 lakh crore.

Who Can Apply for This Loan?

  1. No separate category has been created for the Kisan Credit Card scheme.
  2. If you own land and do farming, you can apply for a Kisan Credit Card.
  3. Sharecropping farmers can also apply for the loan.
  4. Tenant farmers are eligible for the loan as well.
  5. The minimum age to apply is 18 years, and the maximum age is 75 years.

How do you apply for the Kisan Credit Card Online?

  • Visit the website of the bank from which you want to get the KCC.
  • Choose the “Kisan Credit Card” option.
  • Click on the “Apply” option.
  • Fill in the required details in the application form.
  • Submit the form.
  • The bank will contact you within 2 to 3 days for verification.
  • After verification, you will receive your KCC.