Launched in the year 1998, by the NDA Government, Kissan Credit Card scheme aims at helping the Indian farmers. The Kisan credit card caters to fulfilling a farmers’ short-term credit requirements and makes the process of credit delivery easy and flexible. One of the most well-renowned banks in India, Corporation Bank also issues Kisan Credit Cards to help the farmers manage their credit necessities.
Features of Corporation Bank Kisan Credit Card
Eligibility – Every farmer in India is entitled to put forward an application in the Corporation Bank and apply for the Kisan Credit Card.
Loan Amount – The amount of loan issued to a card holder is calculated in the following manner:
Short term credit which is acquired in the first years as fixed by the scale of the crop’s finance+ contingency limit that is 30% of the limit of the short term credit+ an expenditure limit that is 30% of the credit limit (short term).
Security – There are certain security conditions for the provision of loan services. These are:
- Up to ₹ 1,00,000, the hypothecation of crops as security is carried out as per the RBI guidelines.
- The loans that are sanctioned are against a credit card with a limit of maximum INR 3 lakhs including the hypothecation of crops.
Repayment – Corporation Bank Kisan Credit Card is valid for 5 years. There is a yearly review and the availability of cash credit is monitored and thereafter the card validity is renewed. The repayment of the credit is done after considering the harvest as well as the sale of the crops that have been produced with the help of this loan. On the basis of this activity, the loan that is available against the Kisan credit Card has to be repaid in a time period of 5 years.
Please Note: Corporation Bank is not a Paisabazaar partner. Offers would be from partner Banks/NBFCs only.
Corporation Bank Kisan Credit Card - How it works?
The operation of the Corporation Bank Kisan Credit Card is rather simple. A credit card is issued to a farmer on the basis of his land holdings and the income he generates from them. A strong credit history goes a long way in making a farmer eligible for a Kisan credit Card. Once the card is received the card holder also gets to avail the facilities and services like-passbook, details of the land holdings, the credit limit etc. These details also help in serving as an identification of the card holder and make it very easy to track all his transactions.
How to Apply for Corporation Bank Kisan Credit Card
The farmers who wish to apply for the Corporation Bank Kisan Credit Card can visit the bank’s official website www.corpbank.com and do so online. In case, an applicant is not comfortable applying online, he can speak to a customer care executive on the toll-free number 1800 22 6606 and get his doubts and queries cleared.
Corporation Bank has always offered varied financial products to all its customers and with the Kisan Credit Card, the bank is now helping the farmers in India. Farmers need working capital on a regular basis for varied agricultural expenses and Kisan Credit Card helps them meet their requirements with ease.