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    Meghalaya Rural Bank Kisan Credit Card

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    Overview of Meghalaya Rural Bank Kisan Credit Card:

    In Meghalaya, over 80% of the population is rural based. To strengthen the rural economy of Meghalaya and the general economy of the state, Meghalaya Rural Bank aims at providing institutional banking services to people of the state. The bank aims to provide sound rural economy and to offer best financial services to people of rural Meghalaya. Meghalaya Rural Bank operates with a vision of offering banking to unbanked areas by reaching out to the unreached. Meghalaya Rural Bank Kisan Credit Card aims at offering timely credit to agriculturists and farmers to meet cultivation and contingency expenses in a hassle free manner. High loan amount, nominal interest rates and easy application procedure makes Meghalaya Rural Bank Kisan Credit Card preferable over other non - institutional credit sources.

    Features and Benefits of Meghalaya Rural Bank Kisan Credit Card:

    The advantages that come with Meghalaya Rural Bank Kisan Credit Card are many. Some of the features and benefits of Meghalaya Rural Bank Kisan Credit Card are as given below.

    • Meghalaya Rural Bank KCC Objective:

      Meghalaya Rural Bank Kisan Credit Card aims at providing timely credit to farmers to cater to their cultivation expenses and emergency contingency expenses. The loan amount is subject to a maximum of 20% of the peak credit limit and there is no maximum limit. The loan meets the requirements of emergency cash needs for situations like children’s education, funeral, birth, marriage and religious ceremonies and also the expenses related to agriculture ancillary activities. The loan through Kisan Credit Card will be offered through a hassle-free application process.

    • Loan Quantum:

      The loan amount that is to be offered under Meghalaya Rural Bank Kisan Credit Card is decided based on various factors including scale of finance, operational land holding and cropping pattern.

    • Loan Purpose:

      The Kisan Credit Card loan is offered for the cultivation of short term crops and seasonal agricultural operations. The loan is also provided to meet the finance requirements that comes with contingency situations.

    • Loan Types:

      Two types of loan facility is offered under Kisan Credit Card scheme - cash credit and term loan.

      • Term loan is offered for financing agricultural activity like purchase of implements, machinery, equipment’s and for other allied activities like purchase of poultry, dairy animals etc.
      • Cash credit is offered to meet the monetary needs of short term agricultural operations, domestic consumption requirements, contingencies for maintenance & repairs and expenses related to ancillary and allied activities.
    • Flexi Limit:

      For marginal farmers based on crops grown and land holdings, a flexi Kisan Credit Card limit of Rs. 10, 000 to Rs. 50, 000 with simple assessment procedure.

    • Kisan Credit Card Validity:

      Meghalaya Rural Bank Kisan Credit Card is valid for 5 years subject to annual renewal procedure.

    • Dual KCC Accounts:

      The total loan limit sanctioned will be bifurcated into two separate sub limits for term loan and cash credit by opening two accounts.

    • Flexible Repayment Period:
      • The cash credit is repayable before 60 days of harvesting. No withdrawal from the cash credit account should remain outstanding for more than 12 months. Every withdrawal has to be repaid within a maximum tenure of 12 months.
      • The term loan component is repayable within a period of 5 years based on the type of investment or activity as per existing guidelines for investment credit.
    • No Processing Fees:

      No processing fee will be charged and also, there will be no prepayment charges for both cash credit and term loan availed under Kisan Credit Card.

    • Insurance Coverage:

      All cardholders will be offered insurance coverage under Personal Accident Insurance Coverage (PAIS) and National Agricultural Insurance Scheme (NAIS) at affordable premium charges.

    Assessment of Cash Credit Limit for Meghalaya Rural Bank Kisan Credit Card:

    The limit for credit to be offered under Kisan Credit Card is decided after taking into account, the complete production credit requirements for the full year and for every successive year. Cash credit is decided based on scale of finance, contingency expense requirements & operational land holding subject to a maximum of 20% of credit limit. The same is illustrated below.

    Name of Crop Scale of Finance (per Acre) Operational Land holding (Acre) Total Credit Limit
    1. XXX Rs. 50, 000/-

    1. 25

    Rs. 62, 500/-
    2. YYY Rs. 40, 500/- 0. 75 Rs. 30, 375/-
    A. Total Limit for Crop cultivation Rs. 90, 500/- 2. 00 Rs. 92, 875/-
    Add: 10% towards post-harvest expenses Rs. 92, 875 x 0.10 Rs. 9, 300/-
    Total Rs. 1, 02,175/-
    Add: 20% towards contingency expenses etc Rs. 1, 02,175 x 0.20 Rs. 20, 435/-
    C. Total Crop Limit for 1st Year   Rs. 1, 22,610/-
    Limit for 2nd Year [Rs 122,610 + 10%) Rs. 1, 22,610 x 1.10 Rs. 1, 34,871/-
    Limit for 3rd Year [ Rs 134,871 + 10%] Rs. 1, 34,871 x 1.10 Rs. 1, 48,358/-
    Limit for 4th Year [Rs 148,358 + 10%] Rs. 1, 48,358 x 1.10 Rs. 1, 63,194/-
    Limit for 5th Year [ Rs 163,194 + 10%] = MPL Rs. 1, 63,194 x 1.10 Rs. 1, 79,513/-

    Eligibility for Meghalaya Rural Bank Kisan Credit Card:

    The eligibility for Meghalaya Rural Bank Kisan Credit Card is as follows.

    • This credit card is offered to all farmers - individuals (jointly or singly), oral lessees, tenant farmers, share croppers, Self Help Groups (SHGs) and Joint Liability Groups (JLGs).

    Documentation for Meghalaya Rural Bank Kisan Credit Card:

    The applicant must submit all the documents mentioned below to be able to apply for Meghalaya Rural Bank Kisan Credit Card.

    • Duly filled and signed application form
    • KYC documents - ID proof and address proof. Keep documents like Aadhaar Card, Voter ID, and PAN card handy to be submitted as KYC documents.
    • If required, Security PDC has to be submitted.
    • Land documents, if applicable.

    Other relevant documents will be asked based on the loan sanction condition. Do enquire with the nearest branch of Meghalaya Rural Bank to know the complete list of required documents for your profile type.

    FAQs for Meghalaya Rural Bank Kisan Credit Card:

    1. What is the margin for Meghalaya Rural Bank Kisan Credit card?
      • For Meghalaya Rural Bank Kisan Credit Card crop loans, no separate margin is insisted as the margin comes in built while fixing the scale of finance.
      • For term loans, the margin requirements at present are as follows - for loans up to Rs. 1 lakh, no margin is required and for loans above Rs. 1 lakh, 15% to 25% is the prescribed margin. The term loan margin is subject to change by the RBI. Do enquire with Meghalaya Rural Bank about the prevailing margin before applying for KCC term loans.
    2. What is the prescribed security for Meghalaya Rural Bank Kisan Credit Card crop loans?
      • For loans up to Rs. 1 lakh, hypothecation of crop is prescribed as security.
      • For loans above Rs. 1 lakh, in addition to hypothecation of crops, other collateral security in form of mortgage of land, third party guarantee and lien on deposits will be taken as security.
      • In case of any tie-up arrangement for recovery, loan up to Rs. 3 lakh may be sanctioned without collateral security.
    3. How will the cash credit account be operated under Meghalaya Rural Bank Kisan Credit Card scheme?

      The credit offered under short term component of KCC is in nature of revolving cash credit and it involves any number of repayments and withdrawals within the limit. There shall be no restrictions in number of deposits or withdrawals in the cash credit account.

    4. What will happen to the credit balances in cash credit account?

      The interest as per prevailing savings bank interest rates shall be applicable and it shall be paid based on credit balances on daily product basis.

    5. What is PAIS under Kisan Credit Card Scheme?

      PAIS is Personal Accident Insurance Coverage and every Kisan Credit cardholder shall be covered for an amount of Rs. 50, 000.

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