Allahabad Up Gramin Bank Kisan Credit Card 2024, Overview, Interest Rates & Eligibility

Overview

Allahabad UP Gramin Bank, one of the major Gramin Banks has introduced Allahabad UP Gramin Bank Kisan Credit Card to provide adequate, hassle-free and timely credit to farmers for expenses related to agriculture and allied activities under a single window.

Objective

This scheme is popularly known as Green Card scheme among the Farmers & provides hassle free loan to the Farmers on the cheapest rates of interest for their main activity i.e. Crop Production & also to meet out their personal & consumption needs to some extent.

Eligibility

All categories of farmers, who are permanently residing within service area of the branch and owning any size of Agricultural land, according the land ceiling act approved by the state Government, are eligible to avail loan under this scheme. The share croppers, Oral lessees & tenant farmers may also be covered under the scheme with certain restrictions.

Credit Limit

Total loan requirement for the crop production is arrived on the basis of agricultural land available for crop production, cropping pattern, proposed by the farmers & the existing scale of finance for the proposed crops. 25% of the total requirement for crop production, arrived in the aforesaid manner, may be sanctioned for the financial need to meet the expenses on allied activities like repairs of agricultural implements etc. Loan limit determined on the above pattern is sanctioned for the period of three years. However, renewal/review of the loan account is done annually.

Security

  • Loan upto Rs.1,00,000: Hypothecation of crops
  • Loan above Rs. 1,00,000: Creation of charge on the agricultural land, proposed for loan, is required in addition to hypothecation of crops

Interest Rate

  • For the loan upto Rs.3 Lakhs:7% p.a.
  • For the loan above Rs.3 Lakhs: PLR

Insurance

Every Kissan Credit Card holder is covered under Personal Accident Insurance Scheme as per guidelines of RBI/ NABARD.

Validity

The Kisan Credit Card is valid for five years, subject to annual review.

Repayment

The aggregate credit in the account during the 12 month period should at least be equal to the maximum outstanding in the account and no drawal in the account shall remain outstanding for more than 12 months.

Processing Fee

May be decided by the bank.

What is Personal Accident Insurance Scheme (PAIS) for KCC Holders?

Personal Accident Insurance Scheme (PAIS) is an accident insurance scheme especially designed for KCC holders. NABARD has, in consultation with the representatives of insurance companies, bankers and Govt. of India, finalised the Personal Accident Insurance Scheme for KCC holders, for uniform implementation by banks throughout the country. It was introduced on 14 June 2001.

It covers risk of KCC holders against:

  • Death (or)
  • Permanent Disability

Death (within 12 months of the accident) or permanent disability should be resulting from accidents caused by external, violent and visible means.

It gives following risk covers:

  1. Death due to accident (within 12 months of the accident) caused by outward, violent and visible means: Rs 50,000
  2. Permanent total disability: Rs.50,000
  3. Loss of two limbs or two eyes or one limb and one eye: Rs.50,000
  4. Loss of one limb or one eye: Rs.25,000

KCC holder has the option to take benefit of Accident Insurance (including PAIS) whose premium has to be paid by him through his KCC account. Premium payable Rs.15/- for a one year policy while Rs.45/- for a 3-year policy. Premium has to be borne by farmers/bank according to the terms of the Scheme. To avail this insurance cover, the applicant should not be over 70 years of age at the time of availing the Kisan Credit Card