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

Overview

Baroda UP Gramin Bank, one of the major Gramin Banks has launched Baroda UP Gramin Bank Kisan Credit Card to provide adequate, hassle-free and timely credit to farmers for expenses related to agriculture and allied activities under a single window. The mode of finance covers activities for purchase of agricultural inputs required for production of crop, Consumption needs such as maintenance of Agri. Machinery, Electrical Bills etc.

Objective

Baroda UP Gramin Bank Kisan Credit Card (KCC) aims at providing adequate and timely credit for the comprehensive credit requirements of farmers under single window with flexible and simplified procedure adopting wholesome approach.

Eligibility

  • All Farmers - Individuals / Joint borrowers who are owner cultivators
  • Tenant Farmers, Oral Lessees & Share Croppers
  • Self Help Groups (SHGs) or Joint Liability Groups of Farmers

Credit Limit

The quantum of finance will be assessed based on scale of finance projected average farm income, repaying capacity .

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.

Insurance

KCC holders are covered under master policy of Personal accident Insurance Package.

Validity

KCC will be a revolving Agriculture Cash Credit account subject to annual review valid for 5 years.

Disbursement

Cheque book to the literate KCC holders for facilitating drawings from their account for Production line of credit.

Processing Fee

No processing charges for the credit limit.

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