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

Overview

Canara Bank offers the Kisan Credit Card (KCC) with the name "Canara Bank Kisan Credit Card enabled with RuPay Debit Card". It is single window credit assistance to the farmers for their cultivation & other needs.

Objective

Canara Bank Kisan Credit Card Scheme provides credit assistance to the farmers:

• To meet the short term credit requirements for cultivation of crops
• Post harvest expenses
• Consumption requirements of farmer household
• Working capital for maintenance of farm assets and activities allied to agriculture, like dairy animals, inland fishery etc.
• Investment credit requirement for agriculture and allied activities like pump sets, sprayers, dairy animals etc.

Eligibility

• All Farmers - Individuals / Joint borrowers who are owner cultivators
• Tenant Farmers, Oral Lessees & Share Croppers
• SHGs or Joint Liability Groups of Farmers including tenant farmers, share croppers etc.
• Individual farmers will be issued with RuPay debit cards
• The party should not be a defaulter to any of the Financial Institutions vi. Not to be issued to minors and defaulters

Margin

• For loans upto Rs.1 lakh: No margin
• For loans above Rs.1 lakh:
  1. crop cultivation/ maintenance: As per SOF
  2. Sub limit in respect of WC requirement for allied activities, farm machinery maintenance, consumption need, non farm sector: Margin of 15% to 25% of the projected expenditure

Security

• For loan upto Rs.1,50,000: Hypothecation of crops/assets created out of our finance
• For loans above Rs.1,50,000: Hypothecation of crops/assets created out of our finance & Mortgage of landed properties

Interest Rate

This credit is offered at very attractive rates of interest.

Repayment

• Short term WC sub component (revolving credit facility): Each withdrawal under the short term sub-limit to be liquidated in 12 months (short term crops)/18 months (in case of long term crops).
• Term loan component: Within a period of 5 years in half yearly or yearly instalments.

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