Bandhan Bank Limited Kisan Credit Card 2024, Overview, Interest Rates & Eligibility

Overview

Bandhan Bank offers the Kisan Credit Card (KCC) with the name Bandhan Bank Kisan Credit Card. It is a unique Scheme that aims at providing adequate, hassle-free and timely credit support from the banking system under a single window to the farmers for their cultivation & other needs. The credit can be used for any farming related necessity, it can be a working capital credit or a term loan.

Objective

  • To support farmers for their cultivation needs.
  • To cover expenses related to production, contingencies and a stumbling block pertaining to farming.
  • To support expenses related to ancillary and allied activities.
  • To offer credit facilities to farmers to cover farming and ancillary activities.

Eligibility

  • Individual farmers interested in availing credit for the purpose of agriculture and livestock.
  • Non-individuals can be among self-help groups (SHGs) or joint liability groups.
  • Individuals should be aged between 23 years at the time of entry and 60 years at the time of maturity.
  • Should have holdings.

Facility

Working capital credit or a term loan

Credit Limit

The credit offered will be based on individual farming needs and requirements. The maximum credit limit is Rs. 3 lakhs.

Margin

NIL

Documentation

  • Proof of Identity (anyone): Passport / Voters ID card/ Driving License/PAN Card
  • Duly filled Application Form with 2 recent passport size photographs
  • Address Proof (anyone): Ration card Tel/ Electricity Bill/ Lease agreement/ Passport/ Trade license / Sales Tax certificate
  • Documents of land holdings ownership
  • Proof of Income as required by the bank
  • Documents pertaining to collateral and primary security, as required by the bank

Interest Rate

Interest rate, prevaling from time to time, will be applicable for the loans financed under the scheme. It will be based on Base Rate. Presently, it is offered at 12% appox.

Insurance

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

Disbursement

Disbursement through various channels, including ICT driven channels like ATM/PoS/Mobile handsets.

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