Malwa Gramin Bank Kisan Credit Card 2024, Overview, Interest Rates & Eligibility
Overview
Malwa Gramin Bank has introduced Malwa Gramin 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
The objective of the scheme is to provide hassle free credit to Bank's customers based on the assessment of cash flow without insistence on security, purpose or end use of credit. This is in nature of cash credit with no end use stipulations.
Eligibility
Bank's individual customers with sources of adequate income in rural & semi urban areas.
Facility
The credit facility under the scheme will be in the nature of revolving credit through cash credit account. The beneficiaries under the scheme will be issued credit card affixing a photograph of the holder.
Credit Limit
The limits may be fixed on assessment of income and cash flow of the entire household. However, the total credit facility under GCC to an individual should not exceed Rs.25000/-.
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.
Documentation
- Proof of Identity (anyone): Passport / Voters ID card/ Driving License/PAN Card
- Duly filled Application Form with 2 recent passport size photographs
- Address Proof (anyone): Ration card Tel/ Electricity Bill/ Lease agreement/ Passport/ Trade license / Sales Tax certificate
- Documents of land holdings ownership
- Proof of Income as required by the bank
- Documents pertaining to collateral and primary security, as required by the bank
Interest Rate
11%
Insurance
All eligible crops as per the notified area under National Agricultural Insurance Scheme from time to time will be covered as per NAIS policy.
Validity
The cards will be valid for three years and will be renewed at least one month before expiry of the current card on a simple hand written request from the card holder.
Repayment
The card will be repayable in 12 months with the stipulation that aggregate credits into the account during 12 months period should at least be equal to maximum outstanding in the account. No withdrawal in account should remain outstanding for more than 12 months.
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