Andhra Bank Kisan Credit Card 2024, Overview, Interest Rates & Eligibility

Overview

Andhra Bank offers the Kisan Credit Card (KCC) with the name "AB Pattabhi Agricard". It is a unique Scheme which is proposed by the Govt.of India and a Model scheme is developed by RBI. Andhra Bank has added additional features to make it Truly Farmers' Friendly.

Objective

To offer exceptional features to farmers and provides loans for crop production.

Eligibility

All farmers, individual / Joint borrowers who are owner cultivators, tenant farmers, JLGs

Credit Limit

  • A revolving credit limit will be fixed basing on the credit requirement and the scale of finance for both Kharif & rabi seasons ( + )
  • 10% additional limit to meet post-harvest & house hold expenses of the farmer. ( + )
  • 20% of the limit towards repairs and maintenance of farm assets +Crop insurance, PAIS, Asset Insurance.
  • And limit required towards Term loans for investments towards land development, minor irrigation, purchase of farm equipments and allied agricultural activities.
  • The short term loan limit arrived for the 5th year plus the estimated long term loan requirement will be the Maximum Permissible Limit (MPL) and treated as the Kisan Credit Card Limit.

Margin

No separate margin need be insisted as the margin is inbuilt while fixing the scale of finance.

Interest Rate

This credit is offered at very attractive rates of interest.

Insurance

KCC holder gets the benefit of Personal Accident Insurance Scheme (PAIS), Health insurance & asset insurance. The card holder is also covered with Accident Insurance Benefit of Rs.1, 00,000/- governed by the Bank's Insured Current Deposit Scheme. Insurance is optional to the borrower.

Validity

Andhra Bank Pattabhi Agricard is valid for 5 years.

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