Vijaya Bank Kisan Credit Card 2024, Overview, Interest Rates & Eligibility

Overview

Vijaya Bank offers the Kisan Credit Card (KCC) with the name Vijaya Kisan Card (VKC). It 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

To meet crop production as well as post-harvest, household and farm assets maintenance expenses and also term loan requirements under a single window, in a flexible manner.

Eligibility

All farmers/ tenant farmers/ Oral lessees/ SHG/ JLG of farmers/ Companies/ Partnership Firms/ HUFs. Applicant should not be a defaulter to any other Bank/ Financial Institution.

Credit Limit

• Credit limit will be decided based on cropping pattern and the scale of finance fixed by District Technical Committee (DTC)
• Reasonable post harvest/ household/ consumption/ maintenance of farm machinery/working capital for agricultural allied activities expenses is added to crop production component
• Term loan component based on cost of investment

Security

• Upto Rs. 1 lakh (for non tie up cases) & upto Rs. 3 lakhs (for tie up cases) : Hypothecation of crops/ goods
• Above Rs. 1 lakh (for non tie up cases) & upto Rs. 3 lakhs (for tie up cases): Hypothecation of crops/ goods and Mortgage of land / creation of charge on landed properties in States where Statutes are available for creation of such charge.

Interest Rate

• Up to Rs.50000: MCLR 1 Year+0.75%= 10.20%
• Above Rs.50000 up to Rs. 2 lakhs: MCLR 1 Year +1.50%= 10.95%
• Above Rs. 2 lakhs up to Rs.10 lakhs: MCLR 1 Year +2.25%= 11.70%
• Above Rs. 10 lakhs up to Rs.25 lakhs: MCLR 1 Year +2.50%= 11.95%
• Above Rs. 25 lakhs up to Rs.1 crore: MCLR 1 Year +2.60%= 12.05%
• Above Rs.1 crore: MCLR 1 Year +2.75%= 12.20%

Insurance

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

Validity

VKC is an operative limit with validity for 5 years subject to annual review.

Repayment

Crop Proceeds to be routed/credited to the account and annual review of the account.

Disbursement

Withdrawalble through ATM enabled RuPay Kisan card/BCA locations

Processing Fee

No processing fee upto 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:

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