Santa Claus comes around just once a year. In the meantime, there are Credit Cards.
  • Mangala Kissan Credit Card

    Farmers and any individual who are involved in agriculture activities can avail the Mangala Kissan Credit Card which is sanctioned by Primary Agriculture Credit societies.

    The credit card helps farmers engage in agricultural activities and meet their financial requirements in a safe and secure manner. On availing loan, it is the farmer’s responsibility to repay it promptly and conveniently.

    Eligibility criteria to Apply for Mangala Kissan Credit Card

    The eligibility criteria to apply for Mangala Kissan Credit Card is given below:

    • The borrower must be a farmer.
    • Should be a member of the Primary Credit Co-operative Society.
    • The applicant must not have availed a similar service from any other Indian commercial bank.
    • The credit limit sanctioned will be subject to factors such as the type of crops grown by the farmer.

    Mangala Kissan Credit Card Interest rate

    • The rate of interest applicable will be the same as the one charged for crop loans.

    Terms of sanction

    • The farmer before applying for the credit card must have cleared his previous crop loans or the crops should have been cleared from the proceeds available under the card.
    • While applying for a credit card, an application form provided by the lender must be filled and submitted along with all the necessary documents. During the renewal process, a simple request letter will be sufficient. However, if the borrower is looking to increase the credit limit, then the necessary bonds, and other documents will be required to be submitted. Renewal of account at the end of the third year will require submission of fresh application along with all the necessary documents.
    • The application form will be reviewed by the Secretary who will then send it to the Managing Committee for sanctioning. The committee is within its right to reject the application without providing any reasons whatsoever. The decision to fix the credit limit will be taken into account based on factors such as the land owned by the borrower, eligibility criteria, and the borrower's relationship with the society in the previous years.

    Tenure of the Mangala Kissan Credit Card

    • The borrower will get one credit card with a tenure of up to 36 months subject to annual review before the end of April every year.
    • The annual review will include the continuation of the credit facility where the credit limit can be increased or decreased based on the usage of the card. In some cases, the card facility can be terminated as well.
    • The borrower can surrender the card and opt for the crop loan system anytime during the year. In such cases, the sanctioned crop loan amount will be adjusted towards the due amount under the credit card. The due date for the crop loan will be applicable for the crop loan conversion under the scheme.

    Renewal of the Mangala Kissan Credit Card

    • The aggregate credit in the account should be equal to or more than the maximum credit for the continuation of the card during renewal.
    • The interest applicable will be fully collected.
    • The withdrawn amount should not remain unpaid for more than one year under any circumstances.
    • If the account is not renewed before the fixed date, then the outstanding amount should be paid completely before the account renewal.

    Operational conditions

    The credit card functions like a revolving credit account where the borrower can withdraw the amount within the credit limit fixed and repay it without any restriction on time.

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