PM Kisan Yojana: Government is Offering Cheap Loans to Beneficiaries of PM Kisan

With the vision to double farmers’ income by 2022, Central Government has launched many schemes and initiatives including Pradhan Mantri Kisan Samman Nidhi Yojana, popularly known as PM Kisan.

Under PM Kisan Yojana, farmers get financial help of Rs. 6000 per year along with loans at affordable rates. The 9th installment of the scheme was released on 9 Aug 2021 to crores of farmers in India. 

Actually, PM Kisan Yojana and Kisan Credit Card (KCC) Scheme are linked with each other. Hence beneficiaries of PM Kisan can easily apply for agriculture loans through Kisan Credit Card at affordable rates and many other benefits.

KCC Interest Rate

Farmers get loans from banks at very low-interest rates for various agricultural purposes. This loan is given only through Kisan Credit Card. Through KCC, farmers are given loans up to Rs 3 lakh without any guarantee. In addition, short-term loans of Rs 3-5 lakh are provided at an interest rate of 4 percent. The Minimum interest rate on KCC loans is 2% per annum. At the same time, farmers who repay the loan on time get added discounts on the interest rate.

Documents Needed for KCC loan

• Proof of Identity - Aadhaar Card, PAN Card, Voter’s ID Card, Passport, Driving Licence

• Address Proof - Passport, Aadhaar Card, Utility bills (not more than 3 months old)

• Income Proof - Bank statement for last three months, Salary slips

How to get Kisan Credit Card?

Here is how you can apply for KCC online and offline;

• Go to any bank of your choice that provides Kisan credit card or can also visit their official website (to apply online).

• Meet the loan officer and ask for the application form

• Fill out the application form & submit it

• The loan officer after considering all the factors will set KCC loan limit and give you necessary details

• You will get your Kisan credit card within 15 days

Top Banks that provide KCC

• State bank of India

• Punjab National Bank

• HDFC

• Axis Bank etc