Karur Vysya Bank Kisan Credit Card 2024, Overview, Interest Rates & Eligibility

Overview

Karur Vysya Bank offers the Kisan Credit Card (KCC) with the name KVB Green Card Plus (Kisan Credit Card). These Green Card schemes are designed specifically to help persons with financial aid for investment purposes, working capital and term loan requirements for their agricultural and allied requirements. The loans ensure that they continue all their agricultural and business activities smoothly while their finances are taken care of. The repayment periods for the loans are reasonable so the burden of the loan is minimal.

Objective

This loan is designed to give agriculturists in rural, semi-urban and urban areas financial aid for working capital and term credit requirements. To avail of this loan, you have to be the primary land owner. KVB Green Card Loans provide you with short term solutions so that you can ensure the smooth functioning of your daily agricultural activities and also term loan requirements.

Credit Limit

No maximum or minimum limit.

Margin

20% margin on the loans taken under the Karur Vyasa Bank Green Card or Green Card Plus (Kisan Card) Scheme.

Security

  • Loan up to Rs.2,50,000: Hypothecation of the crops and agricultural tools
  • Loan above Rs.2,50,000: Along with the hypothecation of the crops and agricultural tools, farmers have to provide a third party guarantee and land mortgage

Interest Rate

Interest rate, prevaling from time to time, will be applicable for the loans financed under the scheme. For the credit balance maintained in the green card applicable Saving Bank interest rate will be given.

Insurance

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

Validity

The Kisan Credit Card is valid for five years, subject to annual review.

Disbursement

Card holders can withdraw money from the account using cheque or through ATM or POS. Card holders have to ensure that their withdrawals do not remain pending for over 1 year (12 months).

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