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    IOB Kisan Credit Card is Rated as "Blown Away!" by 9 Users

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    Indian Overseas Bank New Kisan Credit Card Overview:

    The New Kisan Credit Card is offered to farmers to address their credit and investment needs for agriculture and allied activities. Borrowers can buy farm equipment, develop land and buy carts, bullocks, etc., using the credit facility offered under this scheme. The credit given is in the form of revolving cash credits for agricultural allied activities and cultivation of crops. The IOB New Kisan Credit Card comes with a validity period of five years.

    Features and Benefits of an Indian Overseas Bank New Kisan Credit Card:

    New Kisan Credit Card:

    Loan Amount:

    The loan amount or limit is decided based on the scale of finance, cropping pattern and cultivation requirements of the farmer.

    Loan Margin:

    The loan margin that has to be brought in for credit up to Rs. 1 lakh is zero and for loans above Rs. 1 lakh, the loan margin required is 15% to 25%.

    Security:

    For loans taken for an amount up to Rs. 1 lakh, hypothecation of crops and assets got through the loan is required. For loan amounts higher than Rs. 1 lakh, third party guarantee, hypothecation of crops or assets, as required by Indian Overseas Bank.

    Holiday Period:

    Indian Overseas Bank also provides a holiday period for borrowers, depending on the asset got through the loan.

    Repayment:

    The term loan that is availed by farmers has to be repaid using tenures falling within five years to Indian Overseas Bank.

    Interest Rates:

    The Interest rates for the term loan offered to farmers would be applicable as per prevailing rates. Customers can contact the nearest Indian Overseas Bank branch for more details.

    Agri General Purpose Credit Card:

    The Agri General Purpose Credit Card is offered to meet any financial requirement of a farmer with regards to agriculture, allied activities and family consumption needs. This credit is issued based on the cash flow available with the farmer. The loan is given in the form of cash credit and a card, passbook or a cheque book is not given to borrowers. Withdrawals can be made using loose cheque leaves by customers.

    Loan Amount:

    The maximum loan amount sanctioned to farmers is up to Rs.25, 000 by Indian Overseas Bank.

    Loan Margin:

    Applicants do not have to bring in any loan margin amount, when they procure an Agri General Purpose Credit Card.

    Security:

    Applicants do not have to submit any type of security collateral, when they procure credit through an Agri General Purpose Credit Card.

    Holiday Period:

    Indian Overseas Bank does not offer a holiday period for borrowers availing credit using this card.

    Repayment:

    The cash credit that is given to farmers is reviewed on a periodic basis by Indian Overseas Bank.

    Interest Rates:

    The interest rates for the credit offered to farmers would be as per Indian Overseas Bank’s Prime Lending Rates.

    Fees and Charges:

    Indian Overseas Bank's Base Rate = 9.90% per annum

    Bank’s Prime Lending Rate (BPLR) = 15.50%

    Short Term Agricultural loans - New Kisan Credit Card

    Processing Charges
    Loan Amount up to Rs. 50,000 Nil
    Loan Amount over Rs. 50,000 to up to Rs. 3 lakhs 0.13%
    Loan Amount above Rs. 3 lakhs Rs. 178 for every lakh

    Eligibility:

    New Kisan Credit Card:

    • Existing and new customers and farmers are eligible to take a New Kisan Credit Card.

    Agri General Purpose Credit Card:

    • Self-help group members, individuals in semi-urban and rural areas and joint liability groups are eligible to avail an Agri General Purpose Credit Card.

    Other Agricultural Banking products offered by Indian Overseas Bank:

    Rural Products:

    • Sanjeevini
    • Akshay
    • Rural Housing - Credit/Subsidy
    • Laghu Udyami Credit Card
    • Artisan Credit Card
    • Credit Card Swarojgar

    Agricultural Short term loans:

    • Agri Clinics
    • Agricultural jewel Loans

    Agricultural Term Loans:

    IOB Special Credit Schemes:

    • IOB – Green Credit Yojana
    • IOB Urban Horticulture Yojana
    • IOB - Agri Transport Yojana
    • Bhumilakshmi
    • Bhumilakshmi
    • IOB - Arthias Yojana
    • IOB Sagarlakshmi
    • IOB - Warehouse Receipt Finance Scheme

    FAQs for Indian Overseas Bank New Kisan Credit Cards:

    1. Is there a time period within which borrowers have to avail the amount sanctioned by Indian Overseas Bank?

      Yes, the approved credit amount has to be availed within a year from the sanction date.

    2. What is the validity period for a New Kisan credit card?

      The validity period for a New Kisan credit card is five years.

    3. How are the interest rates applied on term loans taken using the New Kisan credit card scheme?

      Interest rates for term loans are given based on the base rate of Indian Overseas Bank.

    4. Where can borrowers check the status of their New Kisan credit card application?

      Term loan applicants / farmers can easily check the status of their New Kisan credit card applications on IOB’s website.

    5. Is a physical card given to farmers applying for the Agri General Purpose Credit Card?

      No, there is no physical card given, loans are only given in the form of cash credits to farmers..

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