Punjab State Cooperative Agricultural Development Bank Kisan Credit Card

Following are the key features of the card:

• This card provides farmers with easy access to cash. They can avail loan amount up to ₹ 18 Lakhs to fulfil their agricultural requirements as well as non-agricultural activities.
• The farmers are given more flexibility when it comes to repayment of the loan. The loan repayment tenure can range from 5 to 10 years.
• The loan amount is repaid in instalments. Half- yearly instalments are preferred by the bank.
• All KCC users are given the privilege to withdraw cash from an ATM using their cards. There is no limit on the number of withdrawals as long as the credit limit is not crossed.
• There are different loan schemes available on the Kisan Credit Card. Based on the loan amount, the repayment tenure is set by the bank.
• The interest rate charged on KCC is generally 9% p.a. for an amount ranging up to ₹ 3 Lakhs. But, it also varies based on the bank’s rules and borrowing limits.

The Punjab State Cooperative Agricultural Development Bank Ltd. approves a loan of ₹ 1 Lakh per acre of landholding. The loan schemes are broadly classified into 3 groups both for agricultural purpose and non-agriculture ones.

• For loan amount up to ₹ 3 Lakhs, the applicant is given repayment tenure of 5 years.
• For loan amount ranging between ₹ 3 Lakhs to ₹ 10 Lakhs, loan repayment tenure of 7 years is provided.
• For loan amount ranging between ₹ 10 Lakhs to ₹ 18 Lakhs, the applicant gets a period of 10 years to clear the dues.

Following are the basic eligibility norms for availing a KCC:

• The applicant must be a farmer- be it individual or in joint partnership with one who owns agricultural land.
• Share-croppers, tenant farmers, self-help groups or joint liability groups of farmers are also eligible.
• The applicant must be at least 18 years of age and a maximum of 75 years at the end of the loan tenure.

Punjab State Cooperative Agricultural Development Bank Ltd. initially provided loans to farmers to clear old debts and purchase lands. The bank later extended its loan facility to fulfil purposes like the improvement of saline and alkaline lands, installation of tube wells, purchase of tractors and other latest agricultural equipment. The bank also provides various financial schemes for dairy development, poultry development, horticulture and plantation, sheep rearing and inland fisheries.