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

Overview

AXIS Bank Kisan Credit Card is a facility that aims to provide timely credit to farmers, meeting all their cultivation, Farm maintenance and Investment needs. The product gives the farmer the flexibility to choose between cash credit and term loans with friendly repayment terms.

Objective

Axis Bank Kisan Credit Card aims at providing adequate and timely credit to farmers to meet cultivation needs including purchase of inputs, investment needs like purchase of agricultural implements, land development, repair of farm machinery or any other needs including domestic needs like expenditure on account of children's education and family functions, etc.

Eligibility

  • Minimum age: 18 years
  • Maximum age: 75 years at the end of loan tenure
  • For borrowers above the age of 60, co-borrower less than 60 years old is mandatory. Such a co-borrower should be legal heir/ immediate family member
  • Joint holding (single or multiple locations) upto 5 persons is permitted

Interest Rate

9.50% to 13.50%. The rate of interest is dependent on credit assessment parameters of the bank.

Insurance

  • Free accidental insurance coverage for farmers, upto Rs. 50,000
  • Crop Insurance available for all notified crops under Pradhan Mantri Fasal Bima Yojana

Repayment

From 1 year to 7 years. Upto 1 year in case of cash credit and Upto 7 years in case of term loans. Loan tenure is fixed by allowing reasonable period for marketing the agricultural produce after harvest and we have a hassle-free renewal process for loan tenures.

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