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    State Bank of Patiala Kisan Credit Card is Rated as "Blown Away!" by 1 Users

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    Overview of State Bank of Patiala Kisan Credit Card:

    A large number of farmers in India still depend on non-institutional credit sources owing to lack of awareness and neglect by institutional lending agencies. Farmers and agriculturists face unexpected need of credit for the purchase of fertilizers, farm equipment’s, pesticides and seeds. To curb the counter-productiveness of non-institutional credit sources and to offer timely and affordable credit from institutionalized banking system, Kisan Credit Card was introduced by NABARD and is implemented by all cooperative banks and other commercial banks in India.

    State Bank of Patiala Kisan Credit Card can be used by farmers and agriculturists to purchase farm equipment’s and other inputs and also to withdraw cash for their own needs. Farmers can greatly enhance their process and produce with the help of State Bank of Patiala Kisan Credit Card that caters to the financial needs of agriculturists by offering credit with minimal documentation. Minimal documentation requirements, easy disbursement, flexible repayment terms and assured availability of credit are some of the advantages that the farmers get with State Bank of Patiala Kisan Credit Card.

    Features and Benefits of State Bank of Patiala Kisan Credit Card:

    Given below are some of the features and benefits that come with State Bank of Patiala Kisan Credit Card.

    • Quantum of Loan:

      The quantum of loan is decided based of the crops, including fodder crops that are cultivated as per the proposed scale of finance and cropping pattern provided by the State Level Banker Committee (SLBC) of concerned state.

      For every consecutive year (second, third, fourth and fifth year), the loan limit will be increased by 10% and the limit at the end of fifth year will be the Maximum Permissible Limit (MPL) which can be sanctioned as the Kisan Credit Card (KCC) Limit.

    • Flexible Tenure:

      The Kisan Credit Card Loan will be in nature of revolving account. At any given point of time, there is no requirement to bring the debit balance in the KCC account to zero.

    • Affordable Interest Rates:

      The interest rate is floating in nature and has been made very affordable for farmers by Interest Subvention by the Government of India. The interest rate depends on factors like applicant type, farmer or non-farmer, quantum of loan and the interest rates are linked to the base rate.

    • Collateral Security:

      For loans up to Rs. 1 lakh, no collateral security is required. For loans above Rs. 11 lakh, 125% of the loan amount must be submitted as security in form of hypothecation of crops raised. No collateral security is required for loan limit up to Rs. 2 lakhs if the borrower has a good track record of loan repayment.

    • Balance Statement:

      The annual outstanding balance statement will be issued in form of passbook updation on demand.

    Eligibility for State Bank of Patiala Kisan Credit Card:

    The eligibility for State Bank of Patiala Kisan Credit Card is as follows.

    • The applicant must be a resident Indian and must be over 18 years of age.
    • Tenant farmers, share croppers and oral lessees are eligible to apply for State Bank of Patiala Kisan Credit Card.
    • All farmers, both joint borrowers and individuals who are owner cultivators are eligible for State Bank of Patiala Kisan Credit Card.
    • Joint Liability groups and Self Help Groups of farmers including share croppers and tenant farmers are eligible for State Bank of Patiala KCC scheme.
    • The applicant must own a plot of agricultural land.

    Do contact State Bank of Patiala for a detailed list of eligibility criteria including income conditions for State Bank of Patiala Kisan Credit Card, if any.

    Documentation for State Bank of Patiala Kisan Credit Card:

    An applicant must submit the documents given below to complete the application procedure for State Bank of Patiala Kisan Credit Card.

    • Completely filled application form with passport size photographs
    • Land documents
    • Security PDC, if required.
    • KYC documents like address proof and identity proof. Have documents like PAN card, voter ID and Aadhaar card ready to be submitted as KYC.
    • As per sanction conditions, other documents might be asked.

    Do enquire with State Bank of Patiala about the complete list of documents required as per your profile type.

    Interest Rate for State Bank of Patiala Kisan Credit Card Loan Scheme:

    The interest rate for State Bank of Patiala Kisan Credit Card loan is floating and the interest rate chargeable for floating rate KCC loans is as given below.

    Applicant Type Loan Quantum Interest Rate
    Farmers Up to Rs. 3 lakhs

    7. 00% per annum with interest subvention

    1. 75% + BR (11. 40%) without interest subvention

    Loan amount greater than Rs 3 lakhs and less than Rs. 25 lakhs

    1. 50% above Base Rate,

    11. 15% per annum

    Loan amount greater than Rs. 25 lakhs 3% + BR, 12. 65% per annum
    Applicant Type Loan Quantum Interest Rate
    For KCC holders other than farmers Up to Rs. 3 lakhs 1. 75% + BR, 11. 40% per annum
    Loan amount greater than Rs 3 lakhs and less than Rs. 25 lakhs

    2. 75% to 3. 75% + BR,

    12, 40% to 13. 40% per annum

    Loan amount greater than Rs. 25 lakhs 11. 65% to 13. 40% per annum

    Only floating interest rates are offered for State Bank of Patiala Kisan Credit Card loans and no fixed interest rate loans are offered.

    Do contact State Bank of Patiala for more information on prevailing interest rates as it is subject to frequent change.

    Fees and Charges for State Bank of Patiala Kisan Credit Card:

    The fees and charges pertaining to State Bank of Patiala Kisan Credit Card is given below.

    Foreclosure Charges NIL
    Application Fee NIL
    Processing Fee
    • For loan amount up to Rs 3 lacs - Nil
    • For loan amount exceeding Rs. 3 lacs - 0.30% of loan amount with a Maximum of Rs. 30 lacs
    Inspection Charges
    • For loan amount up to Rs.25000/- Nil
    • For loan amount greater than Rs. 25, 000 and up to Rs. 2 lacs - Rs.500/- per annum.
    • For loan amount greater than Rs. 2 lacs - Rs. 500/- per lac per annum.

    FAQs for State Bank of Patiala Kisan Credit Card:

    1. Will I be able to prepay State Bank of Patiala Kisan Credit Card loan? What is the penalty for loan prepayment?

      Yes, prepayment is allowed for State Bank of Patiala Kisan Credit Card loan. No penalty will be levied for loan prepayment.

    2. What is the penalty for delayed payments?

      The penalty for delayed loan payments will be 2% on the total outstanding amount for the period of default.

    3. What is prescribed as primary security for State Bank of Patiala Kisan Credit Card loan?

      The primary security required will be in the form of hypothecation of crops raised as collateral. If the borrower has a good track record of repayment over a period of 3 years, no collateral security will be required for loans not exceeding Rs. 2 lakhs.

    4. If the loan is not sanctioned, will my processing and inspection charges be refunded?

      No, if the loan is not sanctioned, no fee paid by the applicant will be refunded.

    5. What is the nature of EMI payable for State Bank of Patiala Kisan Credit Card loan?

      The nature of EMI payable will be a revolving cash credit limit.

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