Last Updated on July 22, 2021 by Dhruv Brahmbhatt
Did you know that the government provides cheap loans to the beneficiaries of PM Kisan Yojana? Yes, if you are also a beneficiary of PM Kisan Samman Nidhi Yojana then you too can avail the loan at cheaper rates. In fact, this is a Kisan Credit Card facility available to PM Kisan beneficiaries. Through KCC, the government provides loans at very low interest rates, which the farmer can use for the expenses required for his farming. So here we will know about this feature from the area.
Kisan Credit Card is valid for 5 years. Farmers get a loan of up to Rs 3 lakh on this card. The interest on KCC loans is 9 per cent but for farmers this rate is very low. The government gives a 2 per cent subsidy on KCC. This allows the farmer to get a loan at an interest rate of 7% on this loan. The special thing is that if the farmer repays the loan ahead of time, he also gets 3% discount on interest. Farmers have to pay only 4 per cent interest on the loan.
These documents will be required
To create a Kisan Credit Card, you will need an Aadhaar card, a PAN card and a photo of yourself. Apart from this you will also have to give an affidavit. In which you have to show that you have not taken a loan from any other bank. Kisan Credit Card form is available on PM Kisan Yojana website PMkisan.gov.in. You can download this form from here.
This is the process
Beneficiaries of PM Kisan will first have to go to pmkisan.gov.in website to download Kisan Credit Card Form. This website is provided to the right of the Forms tab and the Download KKC Form option. From here you have to download the form and fill it and submit it to the nearest branch.
KCC forms can be submitted to these banks
Among the banks providing Kisan Credit Card facility are State Bank of India (SBI), Bank of India and Industrial Development Bank of India (IDBI) as well as Kisan Sahakari Mandal,
Regional Grameen Bank and National Payments Corporation of India. The farmer can apply to these banks to get a Kisan Credit Card.