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Meghalaya Rural Bank Kisan Credit Card

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Updated: 13-11-2024 07:49:35 AM

Meghalaya Rural Bank plays a vital role in enhancing the condition of rural people of Meghalaya. It is ranked as second best bank of Meghalaya which reaches out to the rural populations of the state faster than other banks. Around 94 branches operate, which is spread in every corner of Meghalaya. Meghalaya Rural Bank’s head office is located at Shillong. It mainly aims at providing good banking services. Meghalaya Rural Bank Kisan Credit Card is specially designed for the farmers of Meghalaya. Kisan Credit Card was introduced by NABARD in the year 1998 and RBI encouraged all commercial, rural and cooperative banks to provide Kisan Credit Cards to the people.

Features of Meghalaya Rural Bank Kisan Credit Card
Eligibility Criteria of Meghalaya Rural Bank Kisan Credit Card
Margin of the Credit Limit
Documents Required for Meghalaya Rural Bank Kisan Credit Card

Features of Meghalaya Rural Bank Kisan Credit Card

The main objective of this card is to provide credit to the farmers on time to cover up expenses incurred during the farming of crops, which are of short duration. The loan can be availed up to a maximum of 20% of the credit limit. The credit limit is based on the farmer’s land holding, his cropping pattern and the scale of finance that he seeks.

Eligibility Criteria of Meghalaya Rural Bank Kisan Credit Card

Farmers should meet the following criteria to be eligible for this credit card:

  • The age of the borrower should be between 21 years and 65 years
  • Individuals or Joint Agriculturist, Farmers who are owners of farmland, Oral Tenant, Farmers who owns crop in the field of other land owner, Self Help Groups or Joint Liability Groups- all can apply for this Kisan Credit Card.

Margin of the Credit Limit

  • If loan amount is up to ₹ 1 Lakh, then no margin is required.
  • If loan amount exceeds ₹ 1 Lakh, then margin varies from 15% to 25%.

Interest rate of the Kisan Credit Card depends upon Bank’s rules and regulations.

Documents Required for Meghalaya Rural Bank Kisan Credit Card

To avail this facility, the following documents must be submitted by the applicant:

  • Application form by the bank which must be filled up correctly and signed
  • Documents for KYC, which includes both identity proof and address proof, like Aadhaar Card, Voter ID card, etc.
  • Land Ownership or rent agreement document, if required, and
  • Any other document required by the bank.

One can get all this information by visiting a nearby branch or via the official website of Meghalaya Rural Bank or by calling in their helpline number. The applicant can even contact the marketing officers who are visiting their village.

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