Indian Bank Rupay Kisan credit card

• Multi-utility Credit Card: The card can be used to meet both short-term and long-term credit requirements, like cash required post-harvest period, for cultivating of crops, household expenses of the farmer, for machinery like sprayers, pump set and etc. It can also be used to meet the working capital requirement of the farmer for example daily cost of maintenance of assets and etc.
• Financial Quantum: The credit limit depends on the financial scale of the crop plus premium amount for the insurance for the cultivated land plus 10% limit for household expense/post harvest/consumption requirement plus 20% for maintenance cost of farm assets and equipment.
• The process of application for the card is very simple and the overall procedure is also very flexible.
• No extra margin is charged on the loan amount.
• No processing fee is charged for loan amount up to ₹ 3 Lakhs.
• The rate of interest is made affordable under the scheme issued by the government of India.
• The documentation process is carried out only once that is at the beginning of the issue of the card. No other documentation is required up till validity. Only yearly assessment of the account is done by the bank.
• Along with the card, a savings account is also offered to the farmers. This gives flexibility to the borrower. The saving account lets them earn interest on the money deposited in the account.
• The validity of the card is 5 years. The card can be renewed but the decision of the renewal depends on the bank.
• All outstanding of the account is to be cleared within 12 months of the withdrawal.
• The rate of interest on the credit limit is linked to the base rate of the bank. Credit amount up to ₹ 3 lakh will attract a 7% rate of interest and for an amount above ₹ 3 Lakh, the banking norms will decide the rate of interest.

Please Note: Indian Bank is not a Paisabazaar partner. Offers would be from partner Banks/NBFCs only. 

• All farmers both jointly held or individually held who holds cultivated land, oral lessee, sharecroppers, tenant farmers can apply for this card.
• Self-help Groups, Joint liability groups of farmers can all apply for this card.
• The applicant should be 18 years of age.

Farmers who meet these eligibility criteria can apply for Indian Bank’s RuPay Kisan Credit Card. Some documents would also have to be submitted to apply for the card. Once the documents are in order the bank would issue the card at the earliest.