Nainital Bank Kisan Credit Card

Following are the salient features of Nainital Bank KCC:

• Under this scheme, the farmers can avail easy credit to meet their production and investment requirements.
• The card can also be used to get financial aid for household expenses and non-farming activities.
• The loan repayment tenure is generally 5 years.
• Interest rate varies based on the loan amount, base rate and the applicant’s past record. For loan quantum ranging up to ₹ 3 Lakhs, the interest rate charged is 0.50% above Base Rate. For loan quantum ranging above ₹ 3 Lakhs, the interest rate charged is 1.50% above Base Rate.
• The loan amount that can be sanctioned depends on the total area of farming land along with the scale of finance. The DLTC of respective Lead District Office will handle the details.
• The Nainital Bank Limited introduced a variant of KCC as Kisan Gold Card. Maximum loan amount of ₹ 50 Lakhs can be availed under this card to meet requirements for agricultural purpose as well as allied activities. Credit is available in the form of term loan or revolving cash credit facility.

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

Nainital Bank also meets Short-term credit requirement of the farmers for farming and post-harvest overheads. The bank offers an interest concession of 2% per annum. This privilege is offered to farmers for loan amount up to ₹ 3 Lakhs for a period of 1 year. The interest subvention is given only when the bank provides the loan at ground level at 7% p.a.

Nainital Bank Kisan Credit Cardholders can apply for this scheme, provided they have a separate account under the Short-Term Crop Loans. The interest allowance is only for a maximum of ₹ 3 Lakhs out of the total credit limit for a period of one year. The credit limit is handled by the respective DLTC depending on the scale of finance.

Under Nainital Bank Kisan Gold Scheme, maximum interest subvention is offered as per the scale of finance under the NKCC scheme. A separate account with amount not more than ₹ 3 Lakhs needs to be opened under the Short-term Crop loans for a minimum period of 1 year at an interest rate of 7% p.a. The total credit of both accounts must not cross the threshold set by the bank. In case the loan under subvention is not cleared on time, normal interest rates are applied.

Kisan Credit Cards helps the farmers in getting easy credit at the lowest possible interest rate, thus reducing their financial burden. The flexibility in repayment and minimal documentation makes the whole process effortless.