Oriental Bank Of Commerce Kisan Credit Card 2024, Overview, Interest Rates & Eligibility
Overview
Oriental Bank of India offers the Kisan Credit Card (KCC) with the name Kisan Credit Card-Oriented Green Card (OGS). It is a unique Scheme that facilitates credit assistance to the farmers for the purpose of their working capital requirements and crop production requirements with regard to all farm activities, consumption needs, repair of equipment, etc. under a single window.
Objective
To meet Crop production needs/ Working Capital needs for Farm activities, for repair of Machinery, Consumption needs etc as OGC and Investment needs as TL.
Eligibility
Farmers / Cultivators / Artisans engaged in Farm and Non-Farm activities.
Credit Limit
Credit given will be need based. There is no ceiling on the loan amount offered.
Margin
Nil
Security
- Upto Rs. 1,00,000: Hypothecation of crops/ goods
- Above Rs. 1,00,000 to Rs. 2,00,000: Hypothecation of crops/ goods and mortgage of agriculture land/ property having twice the value of loan or third party guarantee
- Above Rs. 2,00,000: Hypothecation of crops/ goods and mortgage of agriculture land/ property having twice the value of loan
Interest Rate
MCLR (presently 8.45%) for both working capital and term loan.
Insurance
Insurance for the crops are available periodically based on government guidelines.
Validity
Valid for the period of 5 years.
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