Pandyan Grama Bank Kisan Credit Card 2024, Overview, Interest Rates & Eligibility
Overview
Pandyan Grama Bank has introduced Pandyan Kisan Credit Card on Mobile exclusively for FARMERS. This is the India's first Mobile Money Credit Delivery solution developed in collaboration with Pallavan Grama Bank, Indian Bank, National Bank for Agriculture and Rural Development (NABARD) and PayMate.
Objective
Aims at providing adequate and timely credit support to the farmers for their cultivation & other needs.
Eligibility
Individuals possessing own/lease agricultural land.
Credit Limit
The quantum of loan shall be calculated as per the scale of finance approved by SLBC for every year.
Margin
To be decided by the bank as per RBI guidelines.
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 Rs. 3 Lakhs (for max. period of 1 year): 7%
- Upto Rs. 50,000 (for loan period of above 1 year): 11%
- From Rs. 50,001 to Rs. 2 lakhs (for loan period of above 1 year): 11.75%
- Above Rs. 2 lakhs (for loan period of above 1 year): 12%
Insurance
Insurance for the crops are available periodically based on government guidelines.
Validity
The Kisan Credit Card is valid for 5 years, subject to annual review.
Disbursement
Disbursement through various channels, including ICT driven channels like ATM/PoS/Mobile handsets.
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