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

Overview

Bank of India offers the Kisan Credit Card (KCC) with the name BOI Kisan Credit Card with RuPay enabled Debit Card. It is a unique Scheme that facilitates credit assistance to the farmers for their cultivation and other needs for next five years under a single window.

Objective

BOI Kisan Credit Card with RuPay enabled Debit Card facilitates credit assistance to the farmers for their cultivation and other needs for next five years under a single window as follows:

• To meet the short term credit requirements for cultivation of crops Post harvest expenses
• Consumption requirements of farmer household
• Working capital for maintenance of farm assets and activities allied to agriculture like dairy animals, inland fishery, etc.
• Investment credit requirement for agriculture and allied activities like pump sets, sprayers, dairy animals etc.

Eligibility

• All farmers-individual/ joint borrowers who are owner cultivators
• Tenant farmers, oral lessees and share croppers
• Self Help Groups (SHGs) and Joint Liability Groups (JLGs) of farmers including tenant farmers, share croppers, etc.

Credit Limit

Quantum of finance under the schemeto a farmer is determined based on Cropping pattern, Extent of cultivation of each crop andScale of financed fixed for the crops.

Margin

• Loan upto Rs.1.00 lakh: Nil
• Loan over Rs.1.00 lakh: 15% to 25%

Security

• Upto Rs.1.00 lakh - Hypothecation of standing crops
• Above Rs.1.00 lakh - Hypothecation of standing crops and Mortgage of land/ Collateral Security

Interest Rate

This credit is offered at very attractive rates of interest.

Insurance

All the notified crops financed in the notified area must be insured under & insurance premium should be debited to the loan account.

Repayment

Short Term Working Capital (Revolving credit facility): Each withdrawal to be repaid with in 12 months for short term crops.

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