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Allahabad Bank offers the Kisan Credit Card under the Akshay Krishi Scheme to farmers who require financial assistance. The loan is available to all farmers for the purpose of agricultural and allied activities. The Kisan credit card comes with attractive benefits and at low interest rates. The Government also offers interest subventions from time to time on this scheme to promote the agricultural sector. With long tenures, this loan scheme benefits farmers, share croppers, oral lessees, and SHGs.
With the Allahabad Bank Kisan Credit Card, farmers have access to credit when they need it to take care of their cultivation and allied needs.
The loan provided is broken down into three components.
The interest rates on the Akshay Krishi Kisan Credit Card scheme are classified into debit and credit balances.
|Credit Limit||Component of Interest||Interest rate|
|Up to Rs. 50,000||Base rate||9.70%|
|Rs. 50,000 - Rs. 2 lakhs||Base rate + 1%||10.70%|
|Rs. 2 lakhs - Rs. 5 lakhs||Base rate + 2%||11.70%|
|Rs. 5 lakhs - Rs. 10 lakhs||Base rate + 2%||11.70%|
|Above Rs. 10 lakhs|
|AB-1||Base rate + 2.50%||12.20%|
|AB-2||Base rate + 2.50%||12.20%|
|AB-3||Base rate+ 2.50%||12.20%|
|AB-4||Base rate + 3.50%||13.20%|
|AB-5||Base rate + 3.50%||13.20%|
|AB-6||Base rate + 5.00%||14.70%|
|AB-7||Base rate + 5.00%||14.70%|
The eligibility criteria for the Allahabad Bank Akshay Krishi Kisan Credit Card Scheme is detailed below.
You can apply for an Allahabad Bank Kisan Credit Card using the following methods.
The loan limit is divided into crop loan, working capital and term loan.
Yes, interest subsidy is available as and when the State or Central Government announces. Interest subvention is granted to promote the agricultural sector.
You only need to offer collateral in case your loan exceeds Rs. 1 lakh. For these loans you need to hypothecate the crops and movable assets on your farm to Allahabad Bank. You also need to offer collateral in the form of land mortgage. You can alternatively offer either of the following:
If you have a debit balance in your cash credit account, this means you have money remaining in your loan account. In this case, the bank will pay you interest of 4% on a daily basis for the amount you have left in your cash credit account.
If you have a credit balance, this means you have used the loan money and will be charged as per the agricultural loan rates.