Ellaquai Dehati Bank Kisan Credit Card 2024, Overview, Interest Rates & Eligibility
Overview
Ellaquai Dehati Bank has introduced Ellaquai Dehati Bank Kissan 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
To provide Crop Loans and other Agricultural Loans to the farmers with simplified and hassle free terms.
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
- All Farmers except marginal farmers is a type of cash credit facility given for crops
- Marginal Farmers is a type of term loan facility hence is marginal and can stretch upto 5 years it can be flexible or composite depending upon the need
Margin
To be decided by the bank.
Security
- Hypothecation of crops upto card limit of 1 lakhs as per RBI guidelines
- Non-Tie recovery : above 1 lakh
- Above Rs 1 Lakh to 3 lakhs collateral security of third party guarantee of two persons with sufficient tangible net worth of cover
- Above 3 lakhs collateral in the shape of mortgage of land sufficient to cover the loan
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
- Upto 3 Lakhs: 7%
- Above 3 Lakhs: Normal Credit card rate applicable to agricultural loan
Validity
The Kisan Credit Card is valid for five years, subject to annual review.
Repayment
Term Loans are repayable within a period of 5 years depending upon the activity as per existing guidelines applicable for investment credit.
Disbursement
- Cash/credit for crops
- Term Loans for buying machinery and tools
- Composite cards (TL & C/C) where both features are included
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:
- 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