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

Overview

Dena Bank of India offers the Kisan Credit Card (KCC) with the name Dena Kisan Gold Credit Card Scheme". It is provided as a part of its "Whole Farm Approach" wherein the farmers may chose anything from various Investment Credit options like purchase of Milch animals

Objective

Bullock carts

Eligibility

digging of well

Technical Feasibility

installation of electric motor

Financial Viability

drip/sprinkler irrigation system

Facility

laying of pipe line

Credit Limit

Purchase of Farm Machinery such as Tractors & Farm Equipment

Margin

farm buildings/ houses."

Interest

Dena Kisan Gold Credit Card Scheme aims at 'Whole Farm Approach' in respect of farm loans. The scheme ensures flexibilty and choice in respect to the purpose, amount and timing of loan.

Security

  • Farmers, irrespective, of land holdings
  • Regular conduct of the existing loan accounts for last 3 years

Discretionary Authority

Term Loans are granted

Insurance

Uniform rate of 15%

Repayment

  • Primary Security: Hypothecation of the asset created out of Dena Bank finance.
  • Collateral Security: Mortgage/ simple charge on the agricultural land with Sub-Registrar Office.
  • Whenever, agriculture land is mortgaged, branches can take security of corresponding value of liquid assets like NSC, KVP, Term Deposit Receipt or assignment of LIC Policies.
  • Security should be properly charged to Dena Bank.
  • No guarantor is required.

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