Chaitanya Godavari Grameena Bank Kisan Credit Card 2024, Overview, Interest Rates & Eligibility
Overview
Chaitanya Godavari Grameena Bank has introduced Chaitanya Godavari Grameena 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.
Objective
To provide Crop Loans and other Agricultural Loans to the farmers with simplified and hassle free terms.
Eligibility
Agriculturists for raising Crops, agricultural related development activities and seasonal agricultural operations in EAST GODAVARI, GUNTUR and WEST GODAVARI Districts.
Credit Limit
As per the scales of finance fixed by District Technical Committee / Bank from time to time.
Margin
To be decided by the bank.
Security
Security norms for overall finance made will be applicable as per banks guidelines for direct agriculture advance from time to time. However, CROP LOANS under Tie-up Agreement with sugar factory or Tobacco Board, will be financed without Collateral Security up to a maximum limit of Rs.1,00,000 and Rs.1,50,000 respectively.
Interest Rate
Interest rate, prevaling from time to time, will be applicable for the loans financed under the scheme.
Insurance
All Crops notified by Agricultural Insurance Corporation of India will be covered under Comprehensive Crop Insurance Scheme. Eligible Card holders will be covered under Personal Accidental Insurance scheme for an amount of Rs. 50,000.
Validity
Tenure of the Card is FIVE years with yearly revival.
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:
- Death due to accident (within 12 months of the accident) caused by outward, violent and visible means: Rs 50,000
- Permanent total disability: Rs.50,000
- Loss of two limbs or two eyes or one limb and one eye: Rs.50,000
- 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