Mizoram Rural Bank Kisan Credit Card 2024, Overview, Interest Rates & Eligibility

Overview

Mizoram Rural Bank has introduced Mizoram Rural 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

KCC is a step forward facilitating the access to short-term credit for the farmers from the financial institutions to meet their crop production requirements which include purchase of agriculture inputs like seeds, fertilizers, pesticides, etc.

Eligibility

  • All farmers - Individuals/ Joint borrowers who are owner cultivators.
  • Self Help Groups (SHG) or Joint Liability Groups (JLG) of farmers including tenant farmers, share croppers etc.
  • Loans under VFPCK scheme.

Credit Limit

As per the scales of finance fixed by District Technical Committee / Bank from time to time.

Margin

To be decided by the bank as per RBI guidelines.

Security

To be decided by the bank as per RBI guidelines.

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

Interest rate, prevaling from time to time, will be applicable for the loans financed under the scheme.

Insurance

  • Crop loans disbursed under KCC Scheme for notified crops are covered under Rashtriya Krishi Bima Yojna (National Crop Insurance Scheme), a crop insurance scheme introduced at the behest of Government of India to protect the interest of the farmer against loss of crop yield caused by natural calamities, pest attacks etc.
  • Personal Accident Insurance of Rs. 50,000 for death and permanent disability and Rs. 25,000/- for partial disability available to Kisan Credit Card holder at an annual premium of Rs. 15/- per annum.

Validity

Card valid for 3 to 5 years subject to annual review. As incentive for good performance, credit limits could be enhanced to take care of increase in costs, change in cropping pattern, etc.

Repayment

Each drawal to be repaid within a maximum period of 12 months.

Processing Fee

May be decided by the bank.

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