Baroda Gujarat Gramin Bank Kisan Credit Card 2024, Overview, Interest Rates & Eligibility

Overview

Baroda Gujarat Gramin Bank, one of the major Gramin Banks has introduced Baroda Gujarat Gramin Bank Kisan Credit Card (BGKCC) to provide adequate, hassle-free and timely credit to farmers for expenses related to agriculture and allied activities under a single window. BGKCC Scheme is an extension of Composite Cash Credit System (CCS) with facility of cheque books for purchase of seeds, fertilizers and pesticides etc. from the traders / dealers of Agriculture inputs as also purchase of farm equipments / machinery like oil engine, electric motor pumpset, sprinkler / drip irrigation equipments, pipelines, power tillers, and tractor etc. as also milch animals and other live stock, construction of farm structures, purchase of vehicles for transport of farm produce etc.

Objective

Baroda Gujarat Kisan Credit Card (BGKCC) Scheme aims at providing adequate and timely credit for the comprehensive credit requirements of farmers under single window with flexible and simplified procedures, adopting wholesome approach including the short term credit needs and a reasonable component for consumption needs of the farmer borrowers which includes their crop cultivation expenses including purchase of inputs in flexible and cost effective manner and also to meet expenses on farm maintenance, consumption needs, non-farm activity as also medium term and long term investment credit needs.

Eligibility

• All agriculturists with good track record of repayment who are eligible for sanction of credit limit of Rs. 1000/- and above irrespective of their period of dealings with our branch or a fresh applicant having good reputation / report.
• Recorded / registered share croppers and tenant farmers who are cultivating crops for a period not less than five years in order to meet the production credit needs are also eligible.
• Individual tenant farmers / share croppers cultivating land on oral lease basis who are resident of the village atleast for a period of three years continuously and cultivating lands and raising crops for a reasonably long period but not less than three years could also be issued BGKCC with a farm credit limit upto Rs. 10000/- in general and in exceptional cases not exceeding Rs. 25000/-.

Credit Limit

• Extending production loans for raising various crops based on scale of finance.
• Other short term requirements like maintenance of tractor/farm implements, allied activities like dairy, poultry, annual repairs, fuel, cost of feed, etc. to the extent of 15% of the crop production expenses limit.
• The consumption needs to the extent of 15% / 25% / 35% of the Crop Production expenses limit, depending upon the category of borrower subject to a maximum of Rs.50,000/- per card.
• Working capital for allied activities and non farm sector activities.
• Finance against storage receipts/produce marketing loans (against his own farm produce only) subject to maximum of Rs.5 lakhs per farmer.
• Production Line of Credit may be enhanced as and when scale of finance for various crops is increased by the District Technical Committee and/ or SLBC.
• Extending credit facilities for horticulture crops, investment on farm developments such as development of land/irrigation facility, purchase of tractor, farm machineries and equipments, farm structures & buildings, draught animals/ carts, milch cattle, transport vehicles, pre/post harvesting processing equipments and practicing modern/ hi-tech agriculture with need-based project/farm infrastructures, plantation activities etc.
• Extending facilities for setting up units of allied activities like dairy, poultry, fisheries, piggery, sericulture, etc. to supplement farm income/ activities and also to ensure optimum utilization of available resources.
• Extending loans for off-farm activities/ needs of the farmer like personal loans including purchase of consumer durables, housing, subject to a maximum of Rs.1 lakh.
• Loans for redemption of loan availed by farmers from non-institutional lenders, as advised by earlier circulars.

Margin

• For regular Production Line of Credit limit no margin is prescribed.
• On Investment Line of Credit limit, margin as prescribed under various schemes in operation is to be contributed, which may be reduced to 10% by the Sanctioning Authority in deserving cases with due justification as per exant guidelines of our Bank.

Security

Security norms for overall finance made will be applicable as per banks guidelines for direct agriculture advance from time to time.

Documentation

• Proof of Identity (anyone): Passport / Voters ID card/ Driving License/PAN Card
• Duly filled Application Form with 2 recent passport size photographs
• Address Proof (anyone): Ration card Tel/ Electricity Bill/ Lease agreement/ Passport/ Trade license / Sales Tax certificate
• Documents of land holdings ownership
• Proof of Income as required by the bank
• Documents pertaining to collateral and primary security, as required by the bank

Interest Rate

As per norms applicable from time to time.

Validity

The Kisan Credit Card is valid for five years, subject to annual review.

Processing Fee

May be decided by the bank.

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