Santa Claus comes around just once a year. In the meantime, there are Credit Cards.
Canara Bank is the pioneer of the Kisan Credit Card Loan Scheme which extends financial assistance to farmers for agricultural and allied activities. The card gives farmers access to easy finance to help them cultivate and maintain the crop. The card is also available for related purposes. Borrowers can repay the loan in half-yearly or annual installments over a period of 5 years.
Easy Access to Credit:
The Kisan Credit Card gives farmers access to financial assistance for a number of purposes. Credit is given to help the agricultural sector for the short term requirements as well as investment purposes.
Flexible Tenures:
For every withdrawal made under the short-term sub-limit, it should be liquidated in 12 months in case of short-term crops. For long-term crops, this period is extended to 18 months. The repayment period is 5 years.
Flexible Instalments:
Kisan Credit Card holders can repay the loan in half-yearly or yearly installments.
Debit cards:
Individual applicants will be issued RuPay debit cards. This will give farmers access to ATMs and POS terminals.
Small Margin:
The margin requirements for the Canara Bank Kisan Credit Card are relaxed. For loans up to Rs. 1 lakh, there is no margin required. For loans above Rs. 1 lakh taken for crop cultivation and maintenance, the margin is as per SOF. For related activities, 15% - 25% of the projected expenditure will be taken as the margin.
The Canara Bank Kisan Credit Card is issued for the following agricultural purposes.
To get a Canara Bank Kisan Credit Card, you should meet the following requirements.
The margin for the Canara Bank Credit Card is as follows.
| Loan Amount | Purpose | Margin |
|---|---|---|
| Up to Rs. 1 Lakh | All activities | No margin |
| Above Rs. 1 Lakh |
Crop cultivation Crop maintenance |
As per SOF |
| Sub limit in respect of WC requirement for allied activities, consumption need, non-farm sector, farm machinery maintenance | 15% to 25% of the projected expenditure | - |
In order to get a Kisan Credit Card sanctioned, security needs to be offered to Canara Bank. The following are the security options available.
| Loan Amount | Security |
|---|---|
| Up to Rs. 1.5 lakhs |
|
| Above Rs. 1.5 lakhs |
|
The hypothecation of the crops or assets refers to anything created or bought out of the finance received from the Canara Bank Kisan Credit Card.
You can apply for a Kisan Credit Card from Canara Bank using any of the following methods.
Canara Bank offers a wide range of agricultural and related schemes to individual agriculturist, corporates, firms, and NGOs who are engaged in agriculture and allied activities.
Yes, you can apply on the Canara Bank website for a Kisan Credit Card. Locate the tab “Online Loan Application and Tracking”. Clicking on this tab will redirect you to the application page. Select the Kisan Credit Card Scheme and apply.
The Kisan Credit Card is designed for the farmers, but any person, partnership firm, private company and public company who are either owner cultivators or engaged in related or subsidiary activities are also eligible for this card.
For loans upto Rs. 1,50,000, you can hypothecate the crops or assets financed by the Kisan Credit Card. For loans above Rs. 1,50,000, you need to hypothecate the crops or assets or mortgage any landed property as security.
The documents required will be communicated to you by Canara Bank. You will need to submit one ID proof. Any of the following IDs will suffice.
You can call the following numbers 1800 425 0018, 1800 208 3333,1800 3011 3333 for information on Canara Bank Kisan Credit Card for free.
Yes, Canara Bank Kisan Credit Card has RuPay debit card feature to make transactions fast and convenient.
You should be at least 18 years to be eligible to apply for a Canara Bank Kisan Credit Card.
If you have taken funds for short term or working capital you a have one year to liquidate your funds. The term loan can be paid over a period of 5 years.
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