KCC Loan 2024: Benefits, Eligibility criteria, and Application Procedure

KCC Loan 2024: The government is offering a favorable opportunity for farmers to avail of personal loans through the Kisan Credit Card (KCC) scheme. If you are engaged in farming activities and seek financial support to initiate ventures like husbandry, dairy farming, etc., you can now apply for the Kisan Credit Card Loan Scheme 2024. While this KCC Loan 2024 scheme has been in existence for some time, the government has recently enhanced it, allowing farmers to access loans of up to 3 lakh as part of the Kisan Credit Card Saturation Drive Loan Scheme 2024. For a comprehensive understanding of the KCC Loan 2024, we recommend reading the details provided in this article.

The Kisan Credit Card (KCC) scheme has proven to be highly advantageous for farmers in India, aiming to boost banking accessibility and extend exclusive perks to KCC cardholders. Although initiated in 1998, the scheme continues to offer diverse benefits to farmers. Administered by the National Bank of Agriculture and Rural Development (NABARD), the scheme encompasses various banks affiliated with Kisan Credit Card operations. Participating banks issue credit cards to eligible farmers, facilitating not only banking transactions but also serving as a means for farmers to apply for KCC Loan 2024 conveniently. Leveraging their KCC cards, farmers can easily seek personal loans with reduced interest rates from affiliated banks. This streamlined approach enhances financial support for farmers and fosters a more accessible and farmer-friendly banking system.

KCC Loan 2024

Engaged in farming or allied activities such as dairy farming, husbandry, and fisheries, farmers play a pivotal role in agriculture. Their endeavors span various seasons, adapting to the changing needs and atmospheric conditions. Recognizing the significance of these activities, the government is actively facilitating farmers to embark on farming-allied ventures that can contribute to a robust income.

Under the recently launched KCC Loan 2024, farmers can avail themselves of a maximum loan amount of Rs 3 lakh from their affiliated banks, where they have applied for the Kisan Credit Card (KCC). This scheme, initiated in 2020, has been reintroduced by the government, offering benefits to eligible farmers from October 1 to October 30, 2024. As the window for application is limited, eligible individuals have a brief period to seize the opportunity.

While the scheme primarily caters to KCC cardholders, those without a Kisan Credit Card can still participate. By visiting the nearest bank branch, applicants can submit the required documents and apply for the scheme. Upon approval, the bank will issue the KCC card promptly, ensuring that even non-cardholders can benefit from this special loan scheme within a short timeframe.

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Benefits of KCC Loan 2024 

The Kisan Credit Card loan scheme offers several advantages for farmers. Eligible beneficiaries, who are KCC cardholders, can avail of a maximum loan of Rs 3 lakh. However, if the loan is specifically applied for fisheries or dairy farming, the maximum limit is set at Rs 2 lakh. Notably, for loans up to Rs 1.6 lakh, farmers are exempt from providing collateral or security, providing added flexibility.

In terms of interest rates, KCC cardholders enjoy a significantly lower burden compared to other loan types. While various loans typically charge annual interest rates ranging from 11% to 35%, KCC cardholders benefit from a lower fixed rate of 4% annually.

Moreover, timely repayment of the loan brings additional advantages. Farmers who adhere to the repayment schedule receive a government subsidy of 3%, further reducing the financial burden. This holistic package of benefits makes the Kisan Credit Card Loan Scheme 2024 an attractive and farmer-friendly financial option, encouraging sustainable agricultural practices and economic well-being for the farming community.

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Eligibility of KCC Loan 2024

If you are also going to apply for a loan amount from the Kisan credit card then you have to follow the following eligibility criteria:

  • The farmer should belong to India only
  • The age of the applicant should be more than 18
  • The farmer should be engaged in any farming-allied activities including animal husbandry, fisheries, horticulture, etc.
  • All the farmers who have their land or work as tenants or sharecroppers can apply for this loan scheme 

If you complete all the KCC Loan 2024 eligibility criteria then you should carry the documents including your Aadhar card, Kisan credit card, pan card, bank passbook, land ownership-related documents, and other important identity cards and visit the KCC Bank to apply for the Kisan credit card loan. After that bank will provide you the application form which should be filled by you and after that attach the photocopies of all documents and submit it to the bank employees. 


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