Bank Of Baroda Kisan Credit Card 2024, Overview, Interest Rates & Eligibility

Overview

Bank of Baroda offers the Kisan Credit Card (KCC) with the name Baroda Kisan Credit Card (BKCC). It is a unique Scheme that facilitates both Production Line of Credit & Investment Line of Credit. Production Line of Credit covers Production loans for raising various crops based on scale of finance, other short term requirements and working capital for allied activities and non farm sector activities. Investment Line of Credit covers credit facilities for horticulture crops, investment on farm developments, loans for off-farm activities, Loans for redemption of loan availed by farmers from non-institutional lenders and facilities for setting up units of allied activities.

Objective

Production Line of Credit

Production loans for raising various crops based on scale of finance.
Other short term requirements like maintenance of tractor/farm implements, allied Activities like dairy, poultry, annual repairs, fuel, cost of feed, etc. to the extent of 25% of the crop production expenses limit.
The consumption need based credit is subject to a maximum of Rs.1, 00,000/- per card.
Working capital for allied activities and non farm sector activities.

Investment Line of Credit

For horticulture crops, investment on farm developments such as development of land/irrigation facility, purchase of tractor, farm machineries and equipments, farm structures & buildings, draught animals/carts, milch cattle, transport vehicles, pre/post harvesting processing equipments and practicing modern/hi-tech agriculture with need-based project/farm infrastructures, plantation activities etc.
For setting up units of allied activities like dairy, poultry, fisheries, piggery, sericulture, etc. to supplement farm income/activities and also to ensure optimum utilization of available resources.
For off-farm activities/needs of the farmer like personal loans including purchase of consumer durables, housing, subject to a maximum of Rs.1/- lakh.
Loans for redemption of loan availed by farmers from non-institutional lenders.

Eligibility

All individual agriculturists (including proprietorship) with good track record of repayment are eligible for sanction of credit limit of Rs.1000 & above irrespective of their period of dealing with one branch or a fresh applicant having good reputation/ report. Recorded/ registered share croppers and tenant farmers who are cultivating crops for a period not less than 5 years.

Facility

Demand Loan / Cash Credit/ Term Loan

Credit Limit

The quantum of finance will be assessed based on scale of finance projected average farm income, repaying capacity and / or value of security.

Margin

For Production Line of Credit: NIL
For Investment Line of Credit : It ranges from minimum of 10% to 25% depend upon the scheme

Interest Rate

Production Credit/ Investment Credit Limit: Up to Rs. 3 lakhs - Base rate i.e. 9.65% or fixed rate of 7%
Production Credit/ Investment Credit Limit: From over Rs. 3 lakhs - below Rs. 25 lakhs - Base rate + 1.25% i.e. 10.90%
Production Credit/ Investment Credit Limit: Rs. 25 lakhs or above - Base rate + 2% i.e. 11.65%

Repayment

Production line of credit will be a revolving Agriculture cash credit account subject to annual review valid for 5 years. Investment credit will be DL/ TL and repayment period is fixed on quarterly/ half yearly or annual basis, based on income generation of the farmer.

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:

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