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.
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 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.
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.
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.
Two types of loan facility is offered under Kisan Credit Card scheme - cash credit and term loan.
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.
Meghalaya Rural Bank Kisan Credit Card is valid for 5 years subject to annual renewal procedure.
The total loan limit sanctioned will be bifurcated into two separate sub limits for term loan and cash credit by opening two accounts.
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.
All cardholders will be offered insurance coverage under Personal Accident Insurance Coverage (PAIS) and National Agricultural Insurance Scheme (NAIS) at affordable premium charges.
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/-||
|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/-|
The eligibility for Meghalaya Rural Bank Kisan Credit Card is as follows.
The applicant must submit all the documents mentioned below to be able to apply for Meghalaya Rural Bank Kisan Credit Card.
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.
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.
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.
PAIS is Personal Accident Insurance Coverage and every Kisan Credit cardholder shall be covered for an amount of Rs. 50, 000.