Uttarakhand Gramin Bank Kisan Credit Card 2024, Overview, Interest Rates & Eligibility
Overview
Uttarakhand Gramin Bank's Kisan Credit Card provides credit for whole agriculture activities of crop production, plantation crops, Processing of agri products, finance to agri input dealers, allied activities like dairy, fisheries, poultry, goat, etc. One time documentation at the time of first availment and thereafter simple declaration (About crops raised/proposed) by farmer.
Objective
The main objective of KCC is to provide need based and credit support to the farmers for their cultivation needs as well as non farm activities.
Eligibility
Kisan credit card is issued to farmers having operational land or tenant farmers or share cropper.
Credit Limit
- Loan amount is based on the holding operational land, type of crop, area under cultivation and scale of finance.
- Assessment of crop loan component based on the scale of finance for the crop plus insurance premium x Extent of area cultivated + 10% of the limit towards post-harvest /household/consumption requirements + 20% of limit towards maintenance expenses of farm assets.
Margin
For crop loans, no separate margin need to be insisted as the margin is in-built in scale of finance.
Interest Rate
Interest rate, prevaling from time to time, will be applicable for the loans financed under the scheme. Interest of Savings Bank will be paid on credit balances, if any, maintained by the borrower. Interest subvention/incentive for prompt repayment to be available as per the Government of India and / or State Government norms.
Insurance
Insurance for the crops are available periodically based on government guidelines.
Validity
Validity of KCC is for 5 years.
Repayment
No withdrawal in the account to remain outstanding for more than 12 months; no need to bring the debit balance in the account to zero at any point of time.
Processing Fee
No processing fee up to a limit of Rs. 3 lakhs.
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