Arunachal Pradesh Rural Bank Kisan Credit Card 2024, Overview, Interest Rates & Eligibility

Overview

Arunachal Pradesh Rural Bank, one of the major Gramin Banks has introduced Arunachal Pradesh Rural 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

Arunachal Pradesh Rural Bank Kisan Credit Card will enable farmers to acquire short-term and long-term credit through single window system for agricultural and allied activities. The loans obtained through this product would be secured and would be extended on basis of agriculture land holding and investment needs.

Eligibility

  • All Farmers - Individuals / Joint borrowers who are owner cultivators
  • Tenant Farmers, Oral Lessees & Share Croppers
  • SHGs /JLGs of Farmers including tenant farmers, share croppers etc.

Credit Limit

The credit offered will be based on individual farming needs and requirements.

Interest Rate

Interest rate, prevaling from time to time, will be applicable for the loans financed under the scheme. Interest @ 7% p.a. will be on the PKCC accounts up to Rs.3.00 lakhs.

Insurance

Insurance for the crops are available periodically based on government guidelines.

Validity

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

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