As the PM Narendra Modi regime comes to its 8th anniversary, here’s how farmers have benefitted from the Kisan Credit Card (KCC) scheme that was launched in 2020. The goal of launching this scheme was to double farmers’ income and to financially enable them to do so. Through KCC, farmers can take loans at a lower interest to make their lives easier.
Since its launch, the government has allotted up to Rs. 16 lakh crores loan to the beneficiaries. In the Covid-19 pandemic alone the government has issued more than 2 crores KCCs.
What is Kisan Credit Card Scheme?
The Kisan Credit Card, or KCC, is an initiative of the Indian government to guarantee that farmers in the country have affordable access to credit. The scheme was launched in August 1998, and it was based on the suggestions of a special committee set up to look into loan and agricultural welfare issues. Farmers can get term loans from KCC Loan to pay the costs of cultivation, harvesting, and farm maintenance.
The Kisan Credit Card (KCC) scheme was created to provide farmers in India with short-term credit. Farmers can use Kisan Credit Cards to get loans to suit their agricultural needs and requirements at low-interest rates. The government has also simplified the application process to gain farmers' interests.
What are the Benefits of Kisan Credit Card for Farmers?
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Flexible repayment options and a simple disbursement system are available.
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All agricultural and ancillary needs can be met with a single credit facility or a term loan.
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Assistance with seed, fertilizer, and other purchases, as well as getting cash discounts from merchants or dealers.
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Credit is offered for up to three years, with repayment possible once the harvest season is through.
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For withdrawal of required funds from the issuing bank, minimal documents and maximum flexibility are provided.
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You can withdraw money from any of the bank's branches in India.
Who is Eligible for this Scheme?
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You are eligible for a Kisan Credit Card if you are:
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An individual farmer who is also an owner-cultivator.
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Belong to a group and are joint borrowers.
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Tenant farmer, sharecropper, or oral lessee.
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Sharecroppers, farmers, tenant farmers, and others form a self-help or joint liability group.
