New Delhi: The Modi government at the center is going to give a big gift to the farmers soon. Farmers are likely to get a big gift before the monsoon session. It is believed that the government can increase the limit of the Kisan Credit Card to Rs 5 lakh. As soon as the cabinet approves, it will be implemented in all the banks. Crores of farmers across the country will be able to benefit from it.
The government has initiated this scheme as financial assistance to farmers, benefiting a large number of people. Animal husbandry and fishermen can also take advantage of the Kisan Credit Card. Loans are available at low interest rates on this card. A bumper discount is available on interest. You can find the critical updates related to this credit card in the article below.
At what interest rate is the loan available
The central government has launched the Kisan Credit Card service to provide financial assistance to farmers. Through this card, loans are provided to farmers at cheap interest rates. This scheme was initiated in 1998. The government aimed to enable farmers to avoid the debt trap of moneylenders.
For the current financial year, an application for an agricultural loan can be made through the Kisan Credit Card. The government provides interest to farmers at an annual rate of 4 per cent. There are also rules to take advantage of this. Farmers are offered two types of loans: secured loans and unsecured loans.
To get a secured loan, you have to mortgage some property. If you want to take an unsecured loan, then you will not need to mortgage the property. A passport-size photo, Aadhaar card, voter ID card, and driving license are required for the loan.
How to apply for a loan?
First, you need to visit the bank’s official website.
Then, on the home page, the Kisan Credit Card will be displayed.
After this, as soon as you click on Kisan Credit Card, the option to apply will appear.
Then, as soon as you click on Apply, a new page will open.
Please fill in all your details and click Submit.
Then you will see the application reference number. After this, if you are eligible, the bank will contact you within 5 days.