Sarva Haryana Gramin Bank Kisan Credit Card 2024, Overview, Interest Rates & Eligibility
Overview
Sarva Haryana Gramin Bank, one of the major Gramin Banks has launched Sarva Haryana Gramin Bank Kisan 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
- The short term credit requirements for cultivation of crops
- Post harvest expenses
- Produce marketing loan
- 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 - 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
- Short term limit for 1st year: Scale of finance for the crop (as decided by the District Level Technical Committee-DLTC) multiplied by extent of area cultivated plus 10% of the limit towards post-harvest/household/consumption requirements plus additional 20% of limit towards repairs & maintenance expenses of farm assets.
- Short term limit for 2nd & subsequent year: First year limit arrived at as above plus 10% of the limit towards cost escalation/ increase in scale of finance for every successive year (2nd ,3rd ,4th & 5th year) & estimated term loan component for the tenure of the KCC i.e. 5.
- Term loans for investment towards land development, minor irrigation, purchase of farm equipment and allied agricultural activities, based on the unit cost of the asset/s proposed to be acquired by the farmer, the allied activities already being undertaken on the farm, the bank's judgement on repayment capacity vis-a-vis total loan burden devolving on the farmers, including existing loan obligations.
Margin
- For Production Credit: NIL
- For Term Loan Up to Rs. 1 lakh: NIL
- For Term Loan Above Rs.1 lakh to Rs.2 lakhs: 5%
- For Term Loan Above Rs.2 lakhs to Rs.5 lakhs: 10%
- For Term Loan Above Rs.5 lakhs: 15%
Security
For cards issued upto Rs.1 lakh: Hypothecation of crops/assets created out of bank loan.
For cards issued above Rs.1 lakh: (i) Hypothecation of crops/assets created out of bank loan.
AND
(ii) Charge on land as per Agricultural credit Operations and Miscellaneous (Provisions) Act of the State concerned/Mortgage of agricultural land valued at 150% of amount of loan for other farmers, 100% of the loan amount for small farmers /marginal farmers.
OR
Alternate Security, viz., charge/lien over liquid securities such as term deposits/NSC/KVP, land and building situated outside village, etc., which may be considered adequate.
OR
Suitable third party guarantee with sufficient net means.
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.
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