Check the fact: Modi government increased interest on Kisan Credit Card loan by 7 to 12 percent, know the truth of this claim

Check the fact: Modi government increased interest on Kisan Credit Card loan by 7 to 12 percent, know the truth of this claim

Modi government has increased the interest on Kisan Credit Card Loan from 7 percent to 12 percent. Such a claim is being made in a viral news. However, this news has been found to be fake in PIB Fact Check. The Central Government has not made any such announcement regarding increasing the interest rate of KCC loan. PIB Fact Check has warned people by tweeting that such reports do not come under the scanner. Let’s know how to get KCC and what to do to get a loan on it? How interested is the current time on loan ..

Features and benefits of KCC food

  • In KCC field, interest is paid on the credit balance at the rate of savings bank.
  • Free ATM cum Debit Card (State Bank Kisan Card) for all KCC borrowers
  • live. Interest rebate at the rate of 2% per annum is available for loans up to Rs 3 lakh.
  • Additional interest subvention of 3% per annum for payment
  • The conditional crop / protected area for all KCC loans are covered under crop insurance.
  • The quantum of loan for the first year will be determined on the basis of agricultural costs, post-harvest expenses and agricultural land maintenance costs.
  • The loan will be sanctioned on the basis of increase in the amount of finance during the subsequent 5 years.
  • live. Collateral security is not required for KCC limit up to 1.60 lakh.
  • Simple interest will be charged at the rate of 7% per annum for one year or till the repayment demand date, whichever is earlier.
  • Interest on card pass will have to be paid on repaying the loan within the due dates.
  • The compound interest will be compounded half yearly after the due date.
  • The repayment period will be determined according to the harvesting and marketing period in the forecast for the crop for which the loan has been granted.

(Source: State Bank of India)

Also read: Jan Dhan account can be opened without Aadhaar and PAN, more than 41 crore people are taking advantage

Such KCC loan will be available

No bank can argue about issuing KCC card to the farmer. The government has a complete record of the farmers’ Aadhaar number, their account number and their land. On this basis, the applying bank will have to give KCC. At the same time, the Reserve Bank has announced that the farmers credit card holders can use their credit card to pay their household expenses. The loan rate on Kisan Credit Card is 4 per. Farmers can take loans up to Rs 1.60 lakh without security at this interest rate. The loan amount can be increased to Rs 3 lakh on timely payment.

Also read: PM farmers are taking benefits so making KCC is very easy, Arnani banks should do compulsions on this number

Such farmers themselves make a farmer credit card

First you go to https://pmkisan.gov.in/. In this website, the option of Download KCC Form (Download KCC Form) is provided on the Former tab (Farmers tab). Download the form from here and fill it after printing. After this fill the form in your nearest bank and submit it. Once the card is ready, the bank will mark you and send the card to your address.

It is important to know

If you are already running an agricultural loan, then it is important to give information about it. How much land is your name in Khatauni. Village name, developer / measles number. How many acres of land is there and which crops are going to be sown, ie, Rabi, Imaf or others will have to give information in this format. Also you will be told that you have not made any other Kisan Credit Card from any other bank or branch.

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