Kisan Credit Card Scheme: The Government of India is running several welfare schemes to strengthen the economic condition of farmers. One of these is the Kisan Credit Card Scheme, which is operated by NABARD. The objective of this government scheme is to provide farmers with loans at low interest rates so that they can meet their farming needs.
Under this scheme, farmers are not only provided with a credit card but also with a savings account. Now, this card is more easily available than ever before, and farmers are issued cards within 15 days of applying.
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Benefits of the Kisan Credit Card Scheme
The Kisan Credit Card Scheme is an effective tool for making farmers financially self-reliant. Under this scheme, farmers can get loans up to ₹3 lakh at a very low interest rate. If the farmer repays the loan within the stipulated time frame, they also benefit from a 3 percent interest subsidy.
For small and marginal farmers, loans up to ₹1.60 lakh can be sanctioned without collateral. This provides financial relief to farmers in emergencies and eliminates their dependence on private lenders.
Applying is now easier
The government has also launched the Kisan Credit Card Scheme on a digital platform. Previously, farmers had to travel to a bank branch to apply, but now they can apply online from the comfort of their homes. Under this facility, farmers can fill out the form and upload the required documents from their mobile phones or computers. After the application is submitted, the bank and local administration jointly verify it. Once the application is approved, the card is issued to the farmer within 15 days.
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Benefits of the PM Kisan Scheme
The benefits of the Kisan Credit Card Scheme are also being extended to beneficiaries of the PM Kisan Samman Nidhi Scheme. Farmers registered under the PM Kisan Scheme can apply for the KCC through a simple process. This allows them to immediately receive the capital they need for farming.
