Madhya Bihar Gramin Bank Kisan Credit Card Scheme Overview:
Madhya Bihar Gramin Bank through its Kisan Credit Card Scheme aims to fulfil the working capital or short term credit requirements of farmers for the purpose of crop cultivation, marketing loan, post-harvest expenses, consumption needs and farm assets maintenance.
Features and Benefits of Madhya Bihar Gramin Bank Kisan Credit Card Scheme:
Loan Extent –
Up to Rs.5, 00, 000 generally
Up to Rs.10, 00, 000, if borrowers have satisfactory operation records for the past 2 years
Up to Rs.15, 000 for tenant farmers and landless labourers (based on oral lessees)
Up to Rs. 50, 000 for Joint Liability Groups (JLGs) that have been recommended by NGOs with an approval from NABARD
Up to Rs.25, 000 maximum to Joint Liability Groups (JLGs) that have given a certified copy of the owner of the land regarding land cultivation
Limit – The limit for Kisan Credit Card is fixed for the fifth year limit on the basis of the finance scale fixed by DLTC
Loan Disbursement – The loan will be disbursed in the revolving cash credit form. Based on the finance scale for the year, DP is allowed
Repayment – The money has to be repaid within a period of 1 year
KCC RuPay Card – The KCC RuPay card is provided to the farmers that can be used in any ATM in India
Interest Subvention – If a farmer repays the money quickly, then he can get an interest subvention of 3 percent from the Central Government of India
Crop Insurance and Personal Accident Insurance – It is compulsory for the applicants to have crop insurance and personal accident insurance
Accidental Insurance – Accidental Insurance of Rs.1, 00, 000 on RuPay card can be availed for no premium, if the cardholder made a transaction using the card within 45 days of the accident
Benefit for female Borrowers – If the loan amount is more than Rs.3, 00, 000, then the female borrowers will receive a discount of 0.25 percent over the normal rates
In case of agricultural loans that are repaid in a period of over 3 years, term premia of 0.5 percent is added
Interest Rates for Madhya Bihar Gramin Bank Kisan Credit Card:
If an individual is borrowing a loan up to Rs.3, 00, 000 through their Madhya Bihar Gramin Bank Kisan Credit Card, they have to pay an interest of 7 percent per annum. This interest rate is applicable to regular accounts. If an individual borrows more than Rs.3,00,000 as loan through their Madhya Bihar Gramin Bank Kisan Credit card, they have to pay the normal rate of interest.
Service Charges for Madhya Bihar Gramin Bank Kisan Credit Card:
ATM (Kisan Card and RuPay Debit Card)
Type of Charge
Charge for issue of a RuPay Debit or Kisan card
Cash Withdrawal through PNB ATM
Balance Inquiry through PNB ATM
Cash Withdrawal on Non – PNB ATMs (after availing the number of free withdrawals every month)
Rs.20 per withdrawal
Number of free Non- PNB ATM transactions in Metro Cities such as Kolkata, Delhi, Mumbai, Chennai, Hyderabad, Bangalore
3 (It is inclusive of the non- financial and financial transactions)
Madhya Bihar Gramin Bank Kisan Credit Card Eligibility Criteria:
Farmers, oral lessees, tenant farmers and sharecroppers are eligible to apply for a Madhya Bihar Gramin Bank Kisan Credit Card
Self Help Groups (SHGs) Joint Liability Groups (JLGs) are also eligible to apply for this card
Other Agricultural Products / Schemes offered by Madhya Bihar Gramin Bank:
Loans for Horticulture and Floriculture
Poultry Farming Loan
Madhya Bihar Gramin Bank Kisan Credit Card FAQs:
How much does Madhya Bihar Gramin bank charge for issuing Kisan Credit Cards?
Madhya Bihar Gramin Bank does not charge any money for issuing Kisan Credit Cards.
How can farmers get more details about Madhya Bihar Gramin Bank Kisan Credit Card?
Farmers can get more details about Madhya Bihar Gramin Bank Kisan Credit Card from any branch of the bank.
Does Madhya Bihar Gramin Bank Kisan Credit Card provide insurance coverage?
Yes, Madhya Bihar Gramin Bank Kisan Credit Card provides insurance coverage. It is mandatory for cardholders to opt for crop insurance and personal accident insurance coverage. Apart from this, the RuPay Kisan Credit Card provides insurance coverage in case of accidents for no premium, if the accident has taken place within 45 days from the date of last transaction made using the card
When is the money supposed to be repaid to the bank?
The money has to be repaid to the bank within 1 year.
Can a farmer access the RuPay Kisan Credit Card from anywhere in India?
Yes, farmers can access the RuPay Kisan Credit Card from anywhere in India