The eighth installment of PM Kisan Samman Nidhi Yojana will be transferred to the accounts of beneficiaries very soon.
As per details, the government will transfer the money between 1st to 15th April 2021. Rs. 2000 of the eighth instalment will be sent to 10 Crore farmers simultaneously. But before this, you will have to do another pending work.
Pay the Loan before 31st March
You will have to deposit the money of loan through Kisan Credit Card by 31st March. And if not so, the interest of 4% per annum will change to 7%. The loan cycle of KCC is from April 1 to March 31. Last year, because of the lockdown, the government has granted the deferment two times to repay the loan amount, but this time it seems less likely to happen.
About the Loan through KCC
Farming loan up to Rs. 3,000,00 is available at the interest rate of 4% through the Kisan Credit Card. The interest rate charged on it is 9 perfect, but the government gives a subsidy of 2%. So, it falls to 7%, and if repaid on time, farmers get 3% more discount, so the interest rate gets reduced to just 4%.
The government is trying to give the benefit of Kisan Credit Card to all the beneficiaries of Pm Kisan, and a campaign is going on for that. KCC form has been uploaded on the website of PM Kisan. And no fee is needed to apply for KCC. In fact, banks have been instructed to issue Kisan Credit Cards within 14 days of the application.
