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    Bank of Maharashtra Kisan Credit Card is Rated as "Great!" by 2 Users

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    Bank of Maharashtra Kisan Credit Card Scheme Overview:

    Bank of Maharashtra aims to provide maximum help to the agricultural sector, which is why they offer a number of schemes especially for the people engaged in agriculture and allied activities. One of their popular schemes is the Mahabank Kisan Credit Card Scheme.

    Farmers can opt for this scheme to avail credit at competitive interest rates easily to fulfil their agriculture and allied activities working capital requirements. They can use this credit for crop cultivation, household consumption requirements, post – harvest expenses, farm equipment repairs and maintenance.

    • Mahabank Kisan Tatkal Scheme – Through their Mahabank Kisan Tatkal Scheme, Bank of Maharashtra offers term loans to existing Kisan Credit Card holders. Farmers can opt for this scheme to fulfil their immediate credit requirements.
    • Mahabank Gold Loan Scheme – Agriculture – Through their Mahabank Gold Loan Scheme – Agriculture, Bank of Maharashtra aims to provide credit to farmers so that they can easily fulfil their agriculture credit requirements, which includes cash credit for allied activities or crop products and credit required for investment.

    Features and Benefits of Bank of Maharashtra Kisan Credit Card Scheme:

    • Mahabank Kisan Credit Card:
      • Facility – Mahabank Kisan Credit Card offers Cash Credit

      • Margin – There is no margin applied separately as it has already been taken into consideration while fixing the finance scale
      • Credit Limit – The first year limit is calculated by multiplying the scale of finance of the crops with the extent of the cultivated area. On this 10 percent of the limit for post- harvest or consumption or household needs and 20 percent of the limit for farm assets repairs and maintenance has to be added. The limit for the 2nd and succeeding years is calculated by adding 10 percent of the limit for cost escalation or the growth in the scale of finance for every successive year (second, third, fourth, fifth) to the first year limit
      • Security If the credit limit is up to Rs.1, 00, 000, then hypothecation of the crops has to be done. If the credit limit is more than Rs.1, 00, 000, then along with hypothecation of the crops, mortgage of land or third party guarantee has to be provided as security
      • Repayment Borrowers can repay the money by Kharif (next march), Rabi (next June) or by next September (horticultural crops)
      • Validity Mahabank Kisan Credit Card is valid for a period of 5 years and is subject to annual reviews
      • Insurance Insurance for the crops are available periodically based on government guidelines
    • Mahabank Kisan Tatkal Scheme:
      • Facility – Mahabank Kisan Tatkal Scheme offers Term Loans
      • Margin – There is no margin applied on this scheme
      • Security – The security provided for Kisan Credit Card will be continued for this scheme
      • Repayment – The money has to be repaid within 3 years in 6 months or yearly instalments according to the crop harvest. If the applicant wishes to get a fresh limit or increased limit in the succeeding year, the loan has to be paid in full based on the revised Kisan Credit Card Limit
      • Amount of Loan – The minimum amount that can be availed from the Mahabank Kisan Tatkal Scheme is Rs.5, 000 and the maximum amount that can be availed is Rs.50, 000. This limit is subject to the upper limit at 25 percent of the annual income or 50 percent of the limit on Kisan Credit Card
    • Mahabank Gold Loan Scheme – Agriculture:
      • Loan Type
        • i. Cash Credit in the form of Mahabank Kisan Credit Card for the production of crops

          ii. Cash Credit for the purpose of allied activities

        • Term Loans
      • Margin – There is no margin on the Mahabank Gold Loan Scheme - Agriculture
      • Security – Applicants have to pledge their Gold jewellery as security. The bank will not give a loan against primary or bullion gold
      • Amount
        1. A.i. Mahabank Kisan Credit Card against Gold - according to the finance scale of crops

          ii. CC for the allied activities - according to the actual credit requirements

          B.Agricultural term loan is provided according to the actual credit requirements

        2. 75 percent of the gold’s market value will be provided for Mahabank Kisan Credit Card and 60 percent of the gold’s market value will be provided for Term Loan
        3. The maximum limit is Rs.3, 00, 000 for this scheme. (The aggregate limit for Mahabank Kisan Credit Card plus CC for allied activities + Term Loan for agriculture) Among 1, 2 or 3, the one with the lowest value will be considered

      • Repayment – The money has to be repaid depending on the type of loan taken –
        1. For Mahabank Kisan Credit Card against Gold – the repayment has to be made according to the guidelines of the MKCC scheme
        2. For CC allied activities – the repayment is based on the annual review
        3. For Term Loan – Depending on the purpose for which loan has been taken, the money has to be repaid within 60 months

    Eligibility Criteria for Bank of Maharashtra Kisan Credit Card Scheme:

    • For Mahabank Kisan Credit Card
      • All the farmers are eligible to apply for a Mahabank Kisan Credit Card, be it individuals or joint land holders
      • Tenant Farmers, oral lessees and sharecroppers can also apply for a Mahabank Kisan Credit Card
      • Self Help Groups and Joint Liability Groups of farmers are eligible to apply for a Mahabank Kisan Credit Card
    • For Mahabank Kisan Tatkal Scheme

      Farmers, individual or joint borrowers, who already hold a Kisan Credit Card are eligible to apply for the Mahabank Kisan Tatkal Scheme, provided that they have maintained a good record for 2 years

    • For Mahabank Gold Loan Scheme - Agriculture

      Anyone involved in agriculture or allied activities is eligible to apply for the Mahabank Gold Loan Scheme - Agriculture provided that he or she fulfils all the Know Your Customer (KYC) guidelines

    Bank of Maharashtra Kisan Credit Card Service Charges:

    Type of Charge Amount
    Supervision or Inspection charges
    • For a loan up to Rs.25, 000 – No charge
    • For a loan of more than Rs.25, 000 – 0.25 percent per annum (the minimum charge is Rs.250 per annum and the maximum charge is Rs.25, 000 per annum)
    Documentation Charges
    • For a loan of up to Rs.2 Lakhs – No charge
    • For a loan of more than Rs.2 Lakhs – 0.2 percent (the minimum charge is Rs.500 and the maximum charge is Rs.15, 000)

    Interest Rates for Bank of Maharashtra Kisan Credit Card Scheme:

      • Mahabank Kisan Credit Card:
        • For a credit limit of up to Rs.3, 00, 000, the interest rate is 7 percent per annum. This interest rate is fixed under the interest subvention scheme for up to 1 year
        • For a credit limit of more than Rs.3, 00, 000, the interest rate is the same as the one applied to Agricultural Advances
      • Mahabank Kisan Tatkal Scheme:

        The rate of interest for Mahabank Kisan Tatkal Scheme will be the same as applied to Agricultural Advances

      • Mahabank Gold Loan Scheme – Agricultural:
        • For Mahabank Kisan Credit Card – the interest is 7 percent per annum for an amount of up to Rs.3, 00, 000 (as per interest subvention scheme for up to a year)
        • For Term Loans and CC for allied activities – the interest will be the same as applied to Agricultural Advances.
    Interest Rates for Agriculture Advances (Linked to Base Rate)
    Advance Size Rates of Interest for Working Capital Limit or Cash Credit or Term Loans
    Up to Rs.50, 000 Base Rate (9.7 percent) + 0.75 percent
    More than Rs.50, 000 and up to Rs.2, 00, 000 Base Rate (9.7 percent) + 1.5 percent
    More than Rs.2, 00, 000 and up to Rs.10, 00, 000 Base Rate (9.7 percent) + 2 percent
    More than Rs.10, 00, 000 Base Rate (9.7 percent) + 3 percent
    Short Term Credit up to Rs.3, 00, 000 for production to farmers (interest subvention available) Fixed interest of 7 percent (if the borrower fails to repay the money after the due date or period decided according to the Interest Subvention Scheme then the above mentioned rates of interest will apply)
    Interest Rates for Agriculture Advances (Linked to BPLR)
    Advance Size Rates of Interest for Working Capital Limit or Cash Credit or Term Loans
    Up to Rs.50, 000 BPLR (15 percent) – 3.25 percent (11.75 percent)
    More than Rs.50, 000 and up to Rs.1, 00, 000 BPLR (15 percent) - 2.75 percent (12.25 percent)
    More than Rs.2, 00, 000 and up to Rs.2, 00, 000 BPLR (15 percent) – 2.25 percent (12.75 percent)
    More than Rs.2, 00, 000 and up to Rs.10, 00, 000 BPLR (15 percent) – 1 percent (14 percent)
    More than Rs.10, 00, 000 BPLR (15 percent) + 0.5 percent (14.5 percent)
    Short Term Credit up to Rs.3, 00, 000 for production to farmers (interest subvention available) Fixed interest of 7 percent (if the borrower fails to repay the money after the due date or period decided according to the Interest Subvention Scheme then the above mentioned rates of interest will apply)

    Documents Required:

    • For Mahabank Kisan Credit Card and Mahabank Kisan Tatkal Scheme:
      • Loan application – Form 138, Enclosure B2
        • The applicant’s Chatu Sima, 7/12, 8 A, 6 D extracts
        • The applicant’s no dues certificate from nearby financial institutions including PACS
        • For loans above Rs.1, 00, 000 where land mortgage is done, legal search from advocate on Bank’s panel is needed
      • Guarantee Form – F 138
        • The guarantors 8 A, 7/12 and PACS dues certificate
    • For Mahabank Gold Loan Scheme - Agriculture
      • Loan application – Form 138, Enclosure B2
      • Records of revenue – 7/12, 8 A

    Other Agricultural Products / Schemes offered by Bank of Maharashtra:

    • Loans for Minor Irrigation
    • Loans for Animal Husbandry
    • Loans for Farm Mechanization
    • Scheme for Financing Farmers for Purchase of Land by Small & Marginal Farmers
    • Financing for Setting Up of Agri – Clinics and Agri – Business Centres for Agriculture Graduates
    • Loans for Horticulture or Plantation Activities
    • Loans for Hi – Tech Projects
    • Scheme for Financing Against Warehouse Receipts to Farmers
    • Mahabank Kisan All Purpose Term Loan.

    Bank of Maharashtra Kisan Credit Card FAQs:

    1. Can individuals apply for the Bank of Maharashtra Kisan Credit Card online?

      Yes, individuals can apply for the Bank of Maharashtra Kisan Credit Card online on the website of the bank. To apply, they have to visit the website of the bank, locate ‘Preliminary Generic Application for Any Product’ and click on it. On clicking, they will be directed to the application form, which they can fill and submit.

    2. Can applicants track the status of their Bank of Maharashtra Kisan Credit Card application online?

      Yes, applicants can track the status of their Bank of Maharashtra Kisan Credit Card application online. They have to locate ‘Know your Loan Application Status’ on the homepage of Bank of Maharashtra’s website and click on it. On clicking, they will be directed to another page where they have to mention the Inward Number, their mobile number, the validation code and click on submit.

    3. For how long is the Bank of Maharashtra Kisan Credit Card valid?

      The Bank of Maharashtra Kisan Credit Card is valid for a period of five years.

    4. In case of joint borrowers, how many farmers can jointly apply for the Mahabank Kisan Tatkal Scheme?

      In case of joint borrowers, not more than 4 farmers can jointly apply for the Mahabank Kisan Tatkal Scheme

    5. Can farmers avail Term Loans under the Mahabank Gold Loan Scheme - Agriculture?

      Yes, farmers can avail Term Loans under the Mahabank Gold Loan Scheme – Agriculture.

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