Bank of Maharashtra Kisan Credit Card

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 Loan 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 credit card 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 2^nd 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

Kisan Credit Cards By Top Banks

Kisan Credit Card

SBI Kisan Credit Card

HDFC Kisan Credit Card

Axis Bank Kisan Credit Card

IDBI Kisan Credit Card

Kotak Kisan Credit Card

PNB Kisan Credit Card

Canara Bank Kisan Credit Card

Bank of Baroda Kisan Credit Card

Bank of India Kisan Credit Card

Indian Bank Rupay Kisan Credit Card

Union Bank of India Kisan Credit Card

Andhra Bank Kisan Credit Card

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

Check Your Eligibility