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

Overview

Corporation Bank of India offers the Kisan Credit Card (KCC) with the name "Corp Kisan Credit Card (CCCK)". It is single window to meet the financial requirements of the farmers for their cultivation & other needs.

Objective

Corp Kisan Credit Card (CCCK) is helpful to meet the financial requirements of the farmer for:

• Working capital requirement for agriculture and allied activities
• Post harvest expenses
• Consumption requirement of the farmer
• Investment credit requirement for agri and allied activities

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

Facility

Short-term Credit and Term Loan

Credit Limit

Short term credit arrived for the first year as per Scale of finance for the crop + 30% of the short term credit limit as contingency limit + 30% of the short term credit limit as consumption limit subject to Max. of Rs.15 lakhs.

Security

• Hypothecation of crops for card limit up to Rs.1 lakh as per extant guidelines of RBI.
• With tie up for recovery, loans may be sanctioned on hypothecation of crops for card limit up to Rs.3 lakhs.
• Collateral security may be obtained at the discretion of the Bank for limits above Rs.1 lakh in case of non tie up and above Rs.3 lakhs in case of tie up loans.

Interest Rate

This credit is offered at very attractive rates of interest.

Repayment

• Corp Kisan Credit Card is valid for 5 years.
• Short term component of KCC limit is in the nature of revolving Cash Credit limit facility subject to annual review/renewal. The repayment period may be fixed as per the anticipated harvesting and marketing period for the crops for which the loan has been granted.
• Term loan component: Repayable in 5 years depending on the activity.

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