The Kisan Power scheme from Axis Bank which features the Kisan Credit Card offers timely financial solutions to farmers for cultivation of crops and allied agricultural activities. The Kisan Credit Card aims to offer adequate credit facilities for farmers to purchase agricultural equipment, carts, bullock, develop land, buy two or three or four wheelers, repair farm machinery or address any domestic need like education of children, sickness, family commitments, functions, etc. Using the Axis Bank Kisan Credit Card, farmers can either take a term loan or a cash credit with flexible repayment options and tenures.
Kisan Credit Card – KCC:
The loan has to be repaid after the harvesting of the crop is done, with sufficient time given to market and sell the produce. For cash credit, the tenure given by Axis Bank is up to a period of one year and for term loans, the tenure available is seven years.
Other Key Features:
The minimum age of the farmer applicant should be at least 18 years and the maximum age of the borrower should be 75 years towards the end of the repayment tenure. If the borrower is over the age of 60, then a co-borrower below 60 years is required. The co-borrower can be a family member or a legal heir. Join applications can be made from multiple locations and can include up to five individuals.
|Kisan Credit Card||Interest Rates - 9.90% to 13.65%|
|Term Loan||Cash Credit|
|Processing Fees||Up to 1% of the loan amount with taxes||Up to 1.5% of the loan amount with taxes|
|Legal / Technical Charges||Up to Rs. 5000||Up to Rs. 5000|
|Stamp Duty / Other Document charges||As per state laws||As per state laws|
|Cheque Bounce||Rs. 500 / instance with service tax||Rs. 500 / instance with service tax|
|Issuance of cheque books||No charge for first 100 leaves. Rs. 2 / leaf thereafter||No charge for first 100 leaves. Rs. 2 / leaf thereafter|
|Penal Interest||For Defaults - 6% per annum||For Defaults - 6% per annum|
|NOC/ No-dues certificate||Nil||Nil|
|Incidental/ Collection/ Legal / Repossession charges borne by the bank||As per the actual amount||As per the actual amount|
|Charges for filing ROC||If filed before 30 days - Rs.1200/ filing plus service tax. If filed after 30 days extra penalty will be charged.||If filed before 30 days - Rs.1200/ filing plus service tax. If filed after 30 days extra penalty will be charged.|
|Non-submission of Stock Statement||Nil||Nil|
|Non-submission of Stock or property insurance||An additional interest rate of 6% will be levied on the outstanding amount.||An additional interest rate of 6% will be levied on the outstanding amount.|
Agri Business Loans:
Yes, borrowers can also select the option of registering for e-statements and get them delivered to their email addresses.
Yes, Axis Bank does provide the option to bank on their mobiles to maintain their loan accounts.
The Axis Bank Kisan credit card is valid for a period of five years.