Bank of Maharashtra Kisan Credit Card

Established in 1935, Bank of Maharashtra is one of the oldest banks of India. Being such a huge name in the banking sector the bank has over 15 million customers making it one of the most widespread and acknowledged banks in India. The presence of bank is huge, having branches even in the remotes rural India. The bank offers a wide range of financial products to cater to both urban and rural customers. It offers top-notch financial products for its agrarian customers and one such product is ‘Mahabank Kisan Credit Card (MKCC)’. Following is the complete guide that will help you understand ‘Mahabank Kisan Credit Card (MKCC)’ in depth.

Nature of the Facility- The nature of the facility offered under the MKCC is Cash Credit.

Purpose of the Facility- The facility availed under the Mahabank Kisan Credit Card can be utilized for:

• To meet the crop cultivation expenses
• To cover for the postharvest financial expenses
• To fulfil the personal household cash requirement of farmers
• To cover for farm equipment’s maintenance expenses
• To cover the working capital requirement of all the agriculture allied activities like poultry, dairy, fisheries etc.

Credit Limit- The details of credit limit offered by the Mahabank Kisan Credit Card is as under:

• Credit Limit for 1^st year – Scale of finance of crop ‘plus’ 10% of credit limit related to post-harvest expense/household expenses/consumption requirements ‘plus’ 20 of limit allotted for repairs & maintenance expenses of farm assets.
• From 2nd year onwards additional 10% of the limit towards an increase in the scale of finance for each successive year i.e. 2^nd,3^rd,4^th and 5^th year.

Drawing Power- The drawing power each year will be as per the credit limit stated above.

Credit Validity- The validity of the Mahabank Kisan Credit Card is for 5 years.

Security- The terms & condition of security to be offered are as under:

• For credit limit up to ₹ 1,00,000: hypothecation of crops.
• For credit limit more than ₹ 1,00,000: Hypothecation of Crops + Third party Guarantee OR Mortgage of Land.

Rate of Interest– The interest rate on Bank of Maharashtra Kisan Credit Card is given below:

• For credit availed up to ₹ 3 Lakhs, the interest rate is 7% per annum fixed. This fixed interest rate of 7% per annum is offered under interest subvention scheme up to ONE year
• For credit availed more than ₹ 3 Lakhs the interest rate will be as per agricultural advances.

Insurance- Farmers have to avail Crop Insurance notified as per government guidelines.

Please Note: Bank of Maharashtra is not a Paisabazaar partner. Offers would be from partner Banks/NBFCs only. 

Bank of Maharashtra Kisan Credit Card Eligibility

The Mahabank Kisan Credit Card can be availed by:

• All farm landholders i.e. farmers holding farmland individually or jointly
• All tenant farmers, share-croppers, oral lessees
• Self-help groups or Joint liability groups of farmers