Bangiya Gramin Vikash Bank Kisan Credit Card

Bangiya Gramin Vikash Bank Kisan Credit Card comes with the following features and benefits:

Credit Limit: For working capital the credit limit is within ₹ 10,000 and ₹ 3.00 Lakh. Term loans come with an upper limit of ₹ 10.00 Lakh. A loan of higher amount can be sought at the discretion of the D.P. of the General Manager, Head Office.

No/Minimal Margin and Security: If the loan sought is within ₹ 1.00 Lakh then no margin or additional security is required.

Primary Security: Hypothecation of the asset like Crop, Farm Machinery, Dairy Animal, etc. as seen fit.

Low-Interest Rate: It is 7% for short term Production Credit up to ₹ 3.00 lakh per individual. Farmers who repay within 12 months, the interest rates are 4% per annum.

Validity: The validity of the card is 5-7 years depending on the annual review.

Easy Repayments: The working capital, short term credit, or crop loan are provided as revolving cash credit repayable within 12 months. However, the Term loan, depending on the nature of investment or activity will be repayable within five to seven years max.

Insurance Coverage: All the cardholders should be covered under the Personal Accident Insurance Scheme (PAIS) and all the Crop loans should be covered under the National Agricultural Insurance Scheme (NAIS) with respect to the notified crops. The premium payable for one year policy is ₹ 13, shared with the bank with a ratio of 2:1.

The eligibility criteria for Bangiya Gramin Vikash Bank Kisan Credit Card are:

• Applicants can be individual or Joint Liability Groups (JLGs) and not to corporate body society, association, club, group etc.
• Applicants can be the owner of the agricultural land, cultivators, share-croppers, or bargadars.
• Applicants must be involved in cultivation and allied activities.
• Applicants should not be a loan defaulter of Bangiya Gramin Vikash Bank or any other bank.
• Maximum age of farmer is 70 years on the date of commencement of policy.
• Illiterate and blind persons can avail KCC after taking proper safeguard measures against misuse of the card.

Applicants are required to submit the following documents in order to obtain the Kisan Credit Card:

• Demand Promisory Note for the limit approved
• Agreement for the loan
• Letter of continuity
• Hypothecate crop or assets to be produced by using the credit
• Mortgage of land or third party guarantee for a loan amount of above ₹1.00 Lakh.

• Is there any age limit to obtain the Personal Accident Insurance Scheme (PAIS)?

Yes. The age limit is 70 years.

• Where should the farmers go to pick up the application form?

The farmers need to get to any nearby BGVB branch to get the application form.

• How will the farmers learn about their transaction details?

The KCC holder will receive a passbook that holds all the transaction records.

• What is the coverage provided by PAIS?

₹50, 000/- will be offered in case of death, permanent total disability, or loss of two limbs/two eyes.