Launched in 1988 by the Government of India, Kisan Credit Card is an initiative that provides credit facilities to farmers for crop cultivation and allied activities. All agriculturists are eligible for this type of loan which includes farmers who have their own land, tenant farmers, sharecroppers and lessees. There is minimal paperwork involved, and the funds are disbursed quickly.

The banks provide a free ATM-cum-debit card under this scheme which enables the farmers to withdraw money as per their need. The loan amount varies from individual to individual based on the cost of cultivation, post-harvest expenses and farm maintenance cost. The loan amount can be increased year on year based on the finance requirement and on-time repayment.

The borrower does not need to pledge any collateral for loan amount up to Rs. 1 Lakh. Simple interest of 7% is fixed for one year or up to the repayment due date whichever is earlier. In case of non-repayment, the interest rate is revised which is applied at card rate.

You may have to submit your duly filled-in application form, identity and address proof to get the Kisan Credit Card loan. You can apply for Kisan Credit Card Scheme by visiting the nearby branch of any bank.
 

Looking for a personal loan for agriculture purposes? You can check your eligibility here for free of cost.