Kisan Credit Card Interest Rate 2024: The Kisan Credit Card (KCC) scheme in India is a vital initiative to support farmers by providing them with timely and affordable credit. One of the most important aspects of the KCC scheme is the Kisan Credit Card Interest Rate 2024 charged by various banks, which can significantly impact the financial well-being of farmers.
You can check the overview of all bank’s Kisan Credit Card Interest Rate 2024 where we will provide you details in this article including KCC Interest Rate 2024 in each Bank and loan facilities for farmers.
All bank’s Kisan Credit Card Interest Rate 2024
State Bank of India SBI KCC Interest Rate 2024
SBI is one of the largest public sector banks in India and a major provider of Kisan Credit Cards. The interest rate for KCC loans from SBI typically starts at around 7% per annum. However, with government interest subventions, effective rates can be significantly lower for timely repayment.
Punjab National Bank PNB KCC Interest Rate 2024
PNB, another leading public sector bank, offers KCC loans with Kisan credit card interest rates 2024 starting at approximately 7% per annum. The bank also provides interest subvention benefits, reducing the effective interest rate for farmers who repay on time.
HDFC Bank Kisan Credit Card Interest Rate 2024
HDFC Bank, a prominent private sector bank, provides KCC loans with KCC interest rates 2024 ranging from 8% to 9% per annum. While these rates might be slightly higher compared to public sector banks, HDFC Bank offers various customer-friendly services and efficient processing times.
ICICI Bank KCC interest rates 2024
ICICI Bank, another leading private sector bank, offers competitive KCC interest rates between 8.5% and 9.5% per annum. ICICI Bank also provides additional services like crop insurance and easy online management of KCC accounts.
Bank of Baroda (BoB) KCC Loans Interest Rates 2024
Bank of Baroda offers KCC loans with KCC interest rates starting at 7% per annum, similar to other major public sector banks. With government subsidies, the effective interest rate can be lower for borrowers who adhere to repayment schedules.
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Canara Bank KCC Loan Interest Rate 2024
Canara Bank’s interest rates for KCC loans begin at 7% per annum. The bank also participates in the government’s interest subvention scheme, making credit more affordable for farmers.
Axis Bank KCC Interest rate 2024
Axis Bank, a leading private sector bank, provides KCC loans with interest rates typically ranging from 8% to 9% per annum. Axis Bank also offers various digital banking solutions for easy access and management of KCC accounts.
Government KCC Subsidy Scheme 2024
The Government of India provides an interest subvention (subsidy) scheme for KCC loans, which applies to all banks. Under this Kisan Credit Card Loan scheme, farmers can receive a 2% interest subvention on their loans, which can reduce the effective interest rate. Additionally, farmers who repay their loans promptly can receive an additional 3% interest subvention, bringing the effective rate down significantly. For instance, if a bank charges 7% per annum, with the subsidies, the effective rate can be as low as 4%.
KCC Loan Eligibility 2024
If you are a farmer and have a Kisan credit card then you have to fulfill the following eligibility criteria to apply for the KCC loan under the Kisan Credit Card scheme 2024.
- Age: 18-75 years (co-borrower mandatory for >60 years)
- You can apply for Agriculture, allied activities, or approved non-farm activities
- Individual cultivators,Joint cultivators, Tenant farmers, sharecroppers, oral lessees, SHGs/JLGs of farmers (including tenant farmers) Can apply for the non according to their eligibility
- Farmers can get maximum Rs 300000 loan from KCC loan scheme in India, however do not want to submit in a security deposit in the bank then you can apply for maximum 1.6 lakh rupees loan from the bank where you need not to submit the security such as Land papers, jewellery etc.
- The KCC Loan scheme is also providing a subsidy of 50000 rupees for person with disability. You can also claim 25000 subsidy from the government in case of any tragedy.
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Documents Required for Kisan Credit Card Loan 2024
- Identity proof (Aadhaar card, etc.)
- Address proof (Aadhaar card, etc.)
- Income proof (if applicable)
- Passport photos
- Application form
- Details of agricultural activities
If you have all the above documents and have all the eligibility criteria for KCC Loan Online 2024 then you can visit your nearest branch where you have already KCC Bank account and can apply for KCC loan according to your need so you have to fill the Kisan Credit Card Loan application Form 2024 provide all the documents in the bank for verification after that you will receive KCC loan amount in your bank account within view hours of completing the verification processor.