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

Overview

Empowering the farmers to take timely and sound financial decisions, IndusInd Bank presents Indus Kisan Credit Card which is a Direct Agri Funding Product for the smart farmer.

Objective

Indusind Bank Kisan Credit Card will enable farmers to acquire short-term and long-term credit through single window system for agricultural and allied activities. The loans obtained through this product would be secured and would be extended on basis of agriculture land holding and investment needs.

Eligibility

  • Any Resident Indian who is major in age group of 18-70 years.
  • The applicant must be engaged in agricultural or agri-allied activity.
  • In case the main applicant is more than 70 years of age, then co-borrower is mandatory.
  • The borrower(s) or guarantor should not have been reported as 'Defaulter' as per the CIBIL report/ RBI Defaulter List.
  • Radius of operation-50 Kms from the designated branch to borrower's residence.
  • Indus Kisan is available at Select IndusInd Bank Branches of Punjab, Haryana, Rajasthan, Himachal Pradesh, Madhya Pradesh, Gujarat & Maharashtra at present.

Facility

Agricultural Activities
Crop Loan/ Production Loan: To meet working capital requirement for crop cultivation
Investment Loan: To meet long term needs for agricultural equipments like pump sets, sprayers, etc.
Agri-Allied Activities like-Dairy, Fishries, Poultry etc
Agri-Allied Over Draft: To meet working capital requirement for agri-allied activities
Agri-Allied Term Loan: To meet long term investment needs for agri-allied activities

Interest Rate

Interest rate, prevaling from time to time, will be applicable for the loans financed under the scheme. Presently, it is being offered at 11.30% p.a.

Insurance

Insurance for the crops are available periodically based on government guidelines.

Validity

The Kisan Credit Card is valid for five years, subject to annual review.

Disbursement

A RuPay enabled Kisan Card will be issued to customer for withdrawing funds directly from their CC/OD account through any IndusInd Bnak or other Bank's ATM. The card can also be used at input dealer shop. The daily cash withdrawal limit on the card is Rs 25,000 at ATMs and Rs 50,000 at POS outlets.

Processing Fee

1% of loan amount + Service Tax as applicable

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