Odisha Gramya Bank Kisan Credit Card 2024, Overview, Interest Rates & Eligibility
Overview
Odisha Gramya Bank, one of the major Gramin Banks has launched Odisha Gramya 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. The credit is provided for raising different crops, for carrying out various activities allied to agriculture to augment their farm income and for the purpose of acquiring different farm equipment.
Objective
The scheme aims at providing comprehensive credit requirements including Short Term Credit Needs and reasonable component for consumption / ancillary needs with flexible and simplified procedure under single window.
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
Credit Limit
As per scale of finance.
Margin
- Upto Rs. 1,00,000: Nil
- Above Rs. 1,00,000: 15 % to 25 %
Security
- Prime Security Hypothecation of future crops & assets to be created out of loan. Bank's Mortgage charge on the immovable property that is to be up-graded / developed out of loan / limit should be created
- However for loans / limits above Rs100000/-, collateral of immovable property / other approved security at least to the extent of 100% of the loan/limit should be obtained/li>
Interest Rate
- Up to Rs. 1 lakh: 7%
- Above Rs.3 lakhs: BPLR - 0.50%
Insurance
Insurance for the crops are available periodically based on government guidelines.
Validity
The credit card will be valid for 5 years subject to annual review.
Repayment
OGBKCC will remain valid for 5 years subject to renewal of the same on yearly intervals.
Processing Fee
No processing fee should be charged for loan/ limit up to Rs 3.00 lacs under OGBKCC. For limits over Rs 3.00 lacs, processing fee should be charged @ 1% of the loan /limit.
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