KCC Farmer's Alert: Pay Your Loan before 31 August or else You will Have to Give This Much Interest

Central government has been running many schemes to help the farmers of the country amid this crisis period. One of them is Kisan Credit Card, also known as KCC. Loans are given to farmers through KCC without any guarantee. Under KCC, farmers can avail an agricultural loan up to 5 lakh rupees in 3 years. The interest rate on this card has been fixed at 4 percent per annum.

In order to provide relief to 7 crore farmers in midst of this lockdown, the date of the payment of Agri loan through KCC has been extended to 31 August. If the farmers pay the loan before the completion of the time period, then they will get a discount of 3 percent on the interest.

What will be the Discount?

A subsidy of 2 percent is given by the government on the Kisan Credit Card. On KCC, the farmer is given a loan at an interest rate of 7 percent. If farmers repay the loan before time, then they get a further rebate of up to 3 percent on the interest. That is, the total interest is 4 percent.

How to Apply for Kisan Credit Card?

To get a Kisan Credit Card, first go to the official website of PM Kisan Yojana -
https://pmkisan.gov.in/.

Then download Kisan Credit Card (KCC) form from there.Fill all the Important information in the form like - land, crop details etc.

After that fill all the details and deposit in your nearest bank branch.