Image Source : FILE PHOTO One of the important thing advantages of the KCC scheme is that farmers are exempt from the excessive rates of interest of standard loans supplied by banks
The Kisan Credit Card (KCC) scheme is a authorities initiative launched in 1998 by the National Bank for Agriculture and Rural Development (NABARD) that goals to supply short-term formal credit score to farmers. The scheme is designed to assist farmers meet their credit score necessities for agriculture, fisheries, and animal husbandry by offering them with short-term loans and a credit score restrict to buy gear and canopy different bills.
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One of the important thing advantages of the KCC scheme is that farmers are exempt from the excessive rates of interest of standard loans supplied by banks. The rate of interest for KCC begins as little as 2% and averages at 4%, which makes it extra inexpensive for farmers to repay their loans. The reimbursement interval can be versatile, relying on the harvesting interval of the crop for which the mortgage was given.
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To apply for a Kisan Credit Card, farmers should meet sure eligibility standards, equivalent to being an owner-cultivator, sharecropper, tenant farmer, or a member of a self-help group or joint legal responsibility group. They should even be concerned within the manufacturing of crops or allied actions equivalent to animal husbandry, or non-farm actions like fishing.
FAQs
1. What is the Kisan Credit Card (KCC) scheme?
The KCC scheme is a authorities initiative launched in 1998 by the National Bank for Agriculture and Rural Development (NABARD) that goals to supply short-term formal credit score to farmers.
2. What are the advantages of utilizing a Kisan Credit Card?
The advantages of utilizing a Kisan Credit Card embrace low-interest charges, versatile reimbursement choices, insurance coverage protection, and different advantages like engaging rate of interest on financial savings account and sensible card and debit card
3. What are the eligibility standards for the KCC scheme?
The eligibility standards for the KCC scheme embrace being an owner-cultivator, sharecropper, tenant farmer, or a member of a self-help group or joint legal responsibility group.
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