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PM Kisan Credit Card: The Union Finance Minister today presented the budget for the financial year 2024-25. Some important announcements were also made for farmers in this budget. PM Kisan Credit Card is a good news for farmers. The Finance Minister has made a big announcement on Kisan Credit Card. Under this scheme, Kisan Credit Card will be launched in five states.
Kisan Credit Card Scheme provides loans to farmers at low interest. These short term loans help in meeting the financial needs of farmers. Due to low interest rates, farmers have to pay less interest on loans. Kisan Credit Card Scheme was started to provide financial assistance to farmers for agricultural activities. Under this scheme, farmers get a loan of Rs 3 lakh at the rate of 4 percent. Farmers can easily get loans under the Kisan Credit Card Scheme.
How much interest on KCC?
The total interest rate on Kisan Credit Card is 9%. In this scheme, a subsidy of 2% is provided by the central government. If the farmers repay the loan after completion of one year, then the farmers are given an additional discount of 3 percent. In this way, the interest rate of this loan remains only 4 percent. That is why it is called the biggest loan of the country, which is given to the farmers of India.
Get these benefits
Farmer brothers use this card to avoid high interest. The age for Kisan Credit Card should be between 18 to 75 years. Kisan Credit Card Scheme provides coverage of up to Rs 50,000 in case of sudden death or permanent disability and up to Rs 25,000 for other perils. Savings account, smart card and debit card are also provided to farmers under the scheme. This credit card is valid for 3 years and the farmer can repay his loan after harvesting the crop.
How to apply for Kisan Credit Card online?
First of all the farmer has to visit the website of the bank from where you want to get the card. Then choose the Kisan Credit Card option and click on apply. An application form will open which you have to fill. After submitting the form the bank will contact you and verify the details given by you. After verification you will get your Kisan Credit Card.
When did the scheme start?
The name of this scheme is Kisan Credit Card. It was started by the Central Government in the year 1998. Any farmer of India can avail its benefits. Cheap loans are provided under this scheme. Farmers are given loans up to Rs 3 lakh at 4 percent interest.
Government will provide funds for agricultural research
The Finance Minister said that emphasis will be laid on the registration of land of 6 crore farmers. In the financial year 2025, a digital survey of Kharif crop will be done in 400 districts. The government will provide funds to the private sector, experts and others to develop climate-adapted seeds. A mission will be launched for the oilseed sector. Promotion will be given through certification and branding. Rs 1.52 lakh crore will be allocated for the agriculture sector.