Santa Claus comes around just once a year. In the meantime, there are Credit Cards.
IDBI Bank is one of the youngest new generation public sector banks in India that focuses on offering unique banking and financial services on a cutting-edge Information technology-based platform. IDBI Bank has a nationwide footprint of over 1000 branches and 1594 ATMs through which it offers personalized banking solutions to its diverse clientele ranging from corporates to agriculturists. IDBI Bank, in association with the National Payments Corporation of India (NPCI) launched the Kisan Credit Smart Card (KCSC) scheme in 2012. This card aims to offer timely and hassle-free credit to farmers for varied purposes like post-harvest expenditures and consumption requirements. IDBI Bank Kisan Credit Card is also enabled for withdrawals at ATMs and farmers will also be provided with a passbook. Needless to say, the IDBI Bank Kisan Credit Smart Card has indeed revolutionized the credit delivery system in rural India.
ATM-enabled Kisan Credit Card (KCC) is offered under the IDBI Bank Agri Business Group Advantage scheme. The IDBI Bank Kisan Credit Card comes with many benefits and features as listed below.
IDBI Bank Kisan Credit Card will offer timely credit under a single window without any hassles. This credit card will provide cash as required to meet the production credit requirement for agriculture and allied purposes. Expenses for electricity bills, diesel charges, cost of agricultural machinery and other similar financial expenses will be catered to under the KCC loan scheme.
Also, credit requirements for agriculture and agriculture-allied activities like costs for pump sets, sheep breeding, land development and plantation costs will be fulfilled by IDBI Kisan Credit Card.
IDBI Kisan Credit Card crop loan comes at affordable interest rates, thanks to the interest subvention scheme by the Government of India. This affordability factor will play a huge role in encouraging the farmers to shift from a non-institutional to an institutional credit system. Also, incentives for timely repayment are offered as per Government norms.
The crop loan from IDBI Kisan Credit can be disbursed through multiple delivery channels including ICT - enabled delivery channels like mobile handsets, ATMs and PoS.
For Kisan Credit Card crop loans to a limit of Rs. 3 lakhs, there is no processing fees.
Through IDBI Bank Kisan Credit Card, farmers will be eligible for a high quantum of crop loan which will be decided based on several factors like cropping pattern, operational land holding and scale of finance. Also, an additional flexible limit of up to Rs. 50,000 will be offered to marginal farmers based on the crops cultivated and land holding patterns.
No withdrawal from the IDBI Kisan Credit Card account can remain outstanding for a period of more than 12 months. There is also no need to bring the debit balance in the Kisan Credit Card account to zero at any time.
The IDBI Bank Kisan Credit card can also be used to withdraw cash from ATM and also for the purchase of farm inputs like pesticides, fertilizers and seed from dealers using the PoS machines.
As per the Government norms, IDBI Bank Kisan Credit Card customers are offered personal accident insurance cover at nominal premium rates. Do enquire with the nearest IDBI Bank branch for more information on personal accident insurance that comes with Kisan Credit Card.
A customer must satisfy all the eligibility criteria given below to be able to apply for IDBI Bank Kisan Credit Card.
For more information regarding the eligibility conditions mentioned above, do get in touch with the nearest IDBI Bank branch.
The customer has to provide the following documents in order to complete the IDBI Bank Kisan Credit Card application process.
Other documents might be asked for depending on the loan sanction condition. Do enquire with IDBI Bank about the complete list of documents required for your income and profile type before proceeding with the application process.
For loans over Rs. 3 lakhs offered under the Kisan Credit Card, the minimum rate of interest would be 7% per annum which will be covered under the interest subvention scheme. For KCC Loans above Rs. 3 lakhs in SFMF the interest rate would be BBR (minimum) and for loans above RS. 3 lakhs to be offered in a category other than SFMF, the minimum interest rate would be BBR + 1.25%. All interest rates for KCC are at the discretion of the loan sanctioning authority.
Yes, you can use your IDBI Kisan Credit Card to withdraw cash from the ATM till your credit limit is exhausted.
The credit limit is decided based on a variety of factors like the cropping pattern, operational land holding and scale of finance. Also, a flexible limit of up to Rs. 50,000 will be offered to marginal farmers depending on their land holding pattern and crops cultivated.
You can make any number of withdrawals using the IDBI Kisan Credit Card but withdrawals are subject to your credit limit.
Yes, you can use the IDBI Kisan Credit Card at merchant PoS for purchase of fertilizers, seeds, pesticides and other agricultural inputs.
Your IDBI Kisan Credit Card will be normally valid for a time frame of 5 years. Based on the performance of the customer during an annual review, the card might be cancelled or the card limit will be reduced or enhanced.
Yes, you have a personal accident insurance cover available.
No, there are no processing fees for applying for a IDBI Kisan Credit Card loan.
IDBI Bank has introduced the DigiKCC platform to facilitate the digitization of the Kisan Credit Card (KCC) loan process for borrowers.
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