Gramin Bank Of Aryavart Kisan Credit Card 2024, Overview, Interest Rates & Eligibility
Overview
Gramin Bank of Aryavart, one of the major Gramin Banks has launched Gramin Bank of Aryavart 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
Gramin Bank of Aryavart Kisan Credit Card is used to provide financial assistance to farmers for crop production and consumption needs.
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 cash credit limit for crop production to farmers having agricultural land and term loan for agriculture and allied activities.
Credit Limit
According to scale of finance of crops to be grown.
Margin
NIL
Interest Rate
- Credit Limit Up to Rs. 3 lakhs (wherever interest subvention is available): 7%
- Credit Limit Up to Rs. 50,000 (wherever interest subvention is not available): 10.50%
- Credit Limit above Rs. 50,000 (wherever interest subvention is available): 13.50%
Insurance
Insurance for the crops are available periodically based on government guidelines.
Repayment
After harvesting and marketing of produce.
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