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ICICI Bank is one of the most well-known private sector banks in India. As part of their “Farmer Finance” product line, they offer “Kisan Credit Card”. This specially formulated card is a boon for the agricultural community as it provides an easy solution for the day-to-day financial needs.
The ICICI Kisan Credit Card is loaded with numerous benefits and perks. The key benefits of this card are:
The Kisan Card ensures that the farmers have easy access to funds in order to finance their daily farming needs. They do not need to worry about working capital requirements.
With help of this credit card, farmers can borrow funds at an affordable rate of interest. More importantly, they do not need to approach the local money lenders or other such people who exploit the farmers with the never-ending debt.
ICICI Bank has simplified the application process in order to ensure that farmers can get easy and quick access to credit. It involves one-time documentation and is sanctioned for a period of five years. On a yearly basis, the card gets renewed depending on the farmer’s needs.
Cardholders hugely benefit from ICICI Bank’s extensive network including more than 10,000 ATMs across the country. They can reach out to the customer helpdesk at any time and get their banking queries resolved. Additionally, the Kisan Credit Card can be used at any other Bank’s ATM.
Applicants need to meet the below mentioned criteria in order to be eligible for the ICICI Kisan Credit Card.
He or she should be at least 18 years old and not exceed 70 years.
He or she must own an agricultural plot or land
The biggest USP of this card is that it involves only one-time documentation. Additionally, ICICI Bank has simplified the application process and hence minimal documents are required to be submitted. The applicants need to provide the following documents while applying for the ICICI Kisan Credit Card.
Apart from these documents, in some cases, the bank may ask for some additional documents based on the sanction conditions.
Interest Rate
The interest rate for the ICICI Kisan Credit Card ranges between 9.2% and can go up to a maximum of 13.05%.
Other Charges
At the time of disbursement of card, the bank levies a processing fee which can go up to 2% of the initial sanctioned amount. During the yearly review, processing fees (up to 0.25%) is applicable if there is no enhancement in the account. In case of an enhancement, the rate increases to 0.50%.
Foreclosure charges (4%) is levied for accounts which are closed within a year of opening.
Cardholders who delay on the payments are charged late fees (2% per month on the pending amount) at the time of regularization of loan.