SBI Kisan Credit Card - Features, Benefits, Interest & Eligibility Criteria

3 Mar, 2022

SBI Kisan Credit Card - Features, Benefits, Interest & Eligibility Criteria

The State Bank of India (SBI) recently declared an update for all Kisan Credit Card (KCC) clients/farmers who need to audit their Kisan credit cards on the web. SBI needs to ensure that farmers don't need to race to the closest branch, and thus, has begun an internet based help to work with the KCC audits.

State Bank of India offers the Kisan Credit Card plan to farmers to give them the expected credit for crop production, crisis costs, allied farming activities, and so on. The loan is dispensed to farmers utilizing a straightforward approval process with simple documentation. The Kisan Gold Card scheme is likewise proposed to address the production needs, meet domestic responsibilities comprehensive of clinical costs, youngsters' schooling and marriage, and so on. Domestic requirements will be incorporated to up to 20% of the credit limit.

Top & Best Features and Benefits of an State Bank of India Kisan Credit Card

State Bank of India Kisan Credit Card Limit

State Bank of India will decide the transient credit limit for the first year in light of the harvests become by the quantum of finance and cropping pattern projected. The credit limit would likewise cover family costs, farm and farm resource support costs, crop insurance, asset insurance, individual accident insurance and post-harvest requirements. State Bank of India will reconsider the limit every year and there will be an increment by 10%. The Kisan Credit Card limit will likewise include any sum expected for investments done on the farm like buying implements or equipment for crop production and the borrower needs to reimburse this sum inside one year. This investment portion won't have a yearly audit, yet will be viewed as when as withdrawal limit is being set by the bank. The Maximum Permissible Limit (MPL) endorsed on the Kisan Credit Card will be the short term limit determined for the fifth year comprehensive of the investment advance sum. The Maximum Drawal Limit (MDL) authorized on the Kisan Credit Card will be the short term loan limit determined for the first year or an amount of the limit from the second to the fifth year including the investment loan amount. The credit under the Kisan Credit Card will be in the form of rotating credit and the balance in an account will get the holder premium according to Savings bank rates.

State Bank of India Kisan Credit Cards

  • Kisan Credit Card clients will get a Debit Card/ATM card - State Bank Kisan Card, for making withdrawals from their KCC accounts at PoS and ATM machines.

State Bank of India Kisan Credit Card Processing Fees

  • State Bank of India will forgo the Processing Fees for credits taken for a sum up to Rs. 3 lakhs.

State Bank of India Kisan Credit Card Security

  • Security doesn't need to be surrendered for credit limits to Rs. 1 lakh and for limits up to Rs. 3 lakhs, assuming there is a tie-up plan made for recuperating the loan.

State Bank of India Kisan Credit Card Annual Renewal Process

  • Each Kisan credit card account must be reestablished each year prior to the due date to get the relegated credit limit. This renewal must be finished the whole time of five years. The client needs to give a restoration letter or a declaration to State Bank of India before the expiry date. At the point when the renewal occurs, the revision of the Maximum Drawal limit will be evaluated by the projected cropping design and the area affirmed by the borrower.

State Bank of India Kisan Credit Card Insurance

  • State Bank of India will likewise give crop insurance or protection to all qualified crops according to the National Agricultural Insurance Scheme.

State Bank of India Kisan Credit Card Loan Disbursement Process

The loan will be disbursed by SBI as cash, as per the cultivation needs of the crop grown.

  • Repayments for single Kharif crop loans must be done inside 31st January.
  • Repayments for single Rabi crop loans must be done inside 31st July.
  • Repayments for multiple Rabi/Kharif/twofold crop loans must be done inside 31st July.
  • Repayments for long term crop loans should be possible consistently, from the disbursement date.

Borrowers causing repayments to need to guarantee that the amount is coordinated into their Kisan Credit Card accounts. The amount that needs to reimbursed should be the minimum credit amount with interest and other relevant charges, before the due date. Farmers wishing to apply for the Kisan Credit Card can without much of a stretch do as such by visiting the closest SBI country branch or contact the marketing officer visiting the concerned town.

SBI Kisan Credit Card Interest Rates Details

  • Up to Rs.3 lakh – 7%
  • Above Rs.3 lakh - As applicable from time to time

How to Apply for SBI Kisan Credit Card Loan?

Farmers can now audit their Kisan Credit Card accounts utilizing the SBI online gateway without visiting a bank office.

  • You need to see the SBI YONO application and sign into the portal https://www.sbiyono.sbi/index.html
  • Then, at that point, go to YONO Krishi and afterward click on 'Khata'.
  • Then, at that point, go to KCC Review segment, and afterward click on 'Apply'.

Eligibility Criteria for SBI Kisan Credit Card Loan

Farmers can apply for the Kisan Credit Card scheme as a solitary candidate or as joint candidates with co-borrowers who are owner cultivators. Other type candidates eligible for this credit card scheme are share croppers, oral lessees, tenant farmers, SHGs and Joint Liability Groups of farmers.

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