The Nainital Bank Limited Kisan Credit Card 2024, Overview, Interest Rates & Eligibility

Overview

Nainital Bank offers the Nainital Kisan Credit Card which is a unique scheme that aims at providing adequate, hassle-free and timely credit support from the banking system under a single window to the farmers for their cultivation & other needs.

Objective

For providing hassle- free credit to farmers both for production and investment requirement.

Credit Limit

Depending upon the land holding and scale of finance as prescribed by DLTC of respective Lead District Office.

Interest Rate

  • Upto Rs. 3,00,000: Base Rate + 0.50% i.e. 10.25%
  • Above Rs. 3,00,000: Base Rate + 1.50% i.e. 11.25%
  • Interest Subvention, on prompt repayment,of 3% is available from Central Government.

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.

Repayment

The credit granted under the Kisan Credit Card Schemes is to be repaid in 5 years.

Disbursement

Disbursement through various channels, including ICT driven channels like ATM/PoS/Mobile handsets.

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