KISHAN CREDIT CARD SCHEME
To provide hassle free Short Term Crop loan to farmers at a very low interest.
1) All farmers- Individuals/ Joint Cultivators
2) Tenant farmers, Oral lessess and Share croppers etc.
3) SHG & Joint Liability Group
Quantum of Loan
Quantum of loan for 1st year will be assessed on the basis of Cost of cultivation, post-harvest expenses and farm maintenance cost. For subsequent 5 year loan will be sanction on the basis of increase in scale of finance
Collateral security is waived for KCC limit upto Rs.1 lac.
Collateral security in the form of Agriculture Land for KCC limit above Rs. 1 lac.
Rate of Interest
Interest @ 5% p.a. will be charged for one year or upto the repayment due date, whichever is earlier. In case of non-repayment within the due dates interest is applied at card rate. Beyond due date interest will be compounded half yearly.
Govt of India & Govt of Odisha is giving 2% interest subvention each for loans up to Rs. 3.00 Lakh.
Govt of odisha is providing additional interest subvention of 1%over and above the 2% subvention for loans up to Rs.50,000/-
Govt of India is providing 3% additional Interest subvention to prompt repaying farmers.
The repayment period may be fixed as per the anticipated harvesting and marketing period for the crops for which a loan has been granted.