Indian Overseas Bank Kisan Credit Card 2024, Overview, Interest Rates & Eligibility

Overview

Indian Overseas Bank has launched IOB New Kisan Credit Card in order to provide adequate, hassle-free and timely credit to farmers for expenses related to agriculture and allied activities under a single window.

Objective

To meet investment and credit requirements of farmers. Credit is extended for investment credit need and allied activities. Revolving Cash Credit for crops & for allied activities.

Eligibility

Existing farmer clients & also the prospective farmers.

Credit Limit

Loan amount / Limit fixed on annual basis depending upon the cropping pattern, Scale of Finance for the crop and the extent of cultivation.

Margin

  • Upto Rs. 1,00,000: Nil
  • Above Rs. 1,00,000: 15 % to 25 %

Interest

You may Contact the nearest Branch for Interest details.

Security

  • Upto Rs. 1,00,000: Hypothecation of crops / assets created out of loan
  • Above Rs. 1,00,000: Suitable Collateral or TPG at the discretion of the Bank & Hypothecation of crops / assets created out of loan

Interest Rate

This credit is offered at very attractive rates of interest.

Repayment

Term loan: Maximum 5 years

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