UCO Bank Kisan Credit Card

1. Multi-Purpose Card:This credit card is designed to cater to the monetary needs pertaining to the following purposes - produce marketing loan, post-harvest expenses, investment credit requirement for agricultural activities and other allied activities including sprayers & dairy animals, short term credit requirements that comes with cultivation of crops, working capital requirement for maintenance of farm assets and activities.
2. Loan Quantum:The assessment of crop loan quantum is based on the scale of finance for the crop + insurance premium amount x extent of area cultivated + 10% of the limit towards post-harvest consumption and household requirements + 20% of the limit towards maintenance expenses of farm assets. This formula guarantees that every borrower gets the required loan quantum.
3. Validity:The Kisan Credit Card is valid for a period of 5 years from the date of issuance.
4. Assessment of Limit:The assessment of the credit limit for the first and subsequent years is done as follows. The first year limit for crop cultivation uses is determined by limit + 10% of the limit towards cost increase or escalation in the scale of financing for every consecutive year (2nd, 3rd, 4th & 5th year). The maximum permissible limit is the value arrived at the end of the fifth year.
5. No Separate Margin Required:For UCO Bank Kisan Credit Card crop loans, the margin is in-built in scale of finance and hence no separate margin is insisted.
6. Simple Assessment for Marginal Farmers:For marginal farmers, flexi KCC is offered with a simple assessment procedure.
7. Interest Subvention Scheme:Interest rates are made affordable by interest subvention and incentive subvention schemes for prompt repayment by the Government of India and State Government norms.
8. Processing Fee Waiver:For a loan limit up to Rs.3 lakh, no processing fee is charged under the UCO Bank Kisan Credit Card loan scheme.
9. Disbursement Channels:The loan disbursement is done through a variety of channels, including ICT-driven channels like mobile handsets, ATMs and PoS.
10. Flexible Repayment Tenure:No withdrawal from the KCC account to remain outstanding for a period of more than 12 months. There is no need to bring the debit balance to zero in the account at any given point in time.
11. Simple Documentation:The applicant has to submit documents only one time, during the first availment. After that, a simple declaration about the crops raised by farmers would suffice.

Features and Benefits of UCO Bank RuPay Kisan Credit Card

The following advantages accompany UCO Bank RuPay Kisan Credit Card, which is another variant of the KCC offered by UCO Bank.

1. New Accounts:Existing KCC accounts that are operative as well as new Kisan Credit Card holders are given the RuPay-enabled Kisan Credit Cards.
2. Transaction Types:The following transactions can be carried out using a RuPay Kisan Credit Card - cash at Point Of Sale, cash withdrawal from ATM, purchase with cash back, ATM balance enquiry, mini statement and Pin change at ATM.
3. Wide Acceptance:UCO Bank RuPay Kisan Credit Card is accepted at UCO Bank ATMs, other bank ATMs and over a huge number of merchant PoS.
4. Flexible Withdrawal Limit:RuPay Kisan Credit Cards will empower farmers to withdraw up to their drawing limit for the current season at ATMs during different times when required during the same cropping season instead of a one-time withdrawal.

Interest Rates for UCO Bank Kisan Credit Card Loan

The interest rates for UCO Bank Kisan Credit Card loan are as given below. The interest rates are made affordable by the subvention scheme offered by the Government of India.

Some important points to be noted about the interest rates for UCO Bank Kisan Credit Card are as follows.

1. For loan amounts up to Rs.3 lakh, interest subvention up to 2% is given and on prompt repayment, a further 3% interest subvention is available.
2. For loan up to Rs.3 lakh, the interest that will be charged from borrower’s account is 7% for rest 2%, debit - Government receivables and credit interest and discount on loan is offered.
3. In case the borrower does not repay the loan within the stipulated due date or within a maximum of one year, the interest that would be charged from the due date at a normal rate without interest subvention, the interest rate would be MCLR+1.15%.

Eligibility Criteria for UCO Bank Kisan Credit Card

Given below are the conditions that one must satisfy to be able to apply for a UCO Bank Kisan Credit Card.

1. The applicant must be a resident Indian and must be over 18 years of age.
2. All farmers, individuals and joint borrowers who are owner cultivators are eligible to apply for UCO Bank Kisan Credit Card.
3. Joint Liability Groups and Self-Help Groups (SHGs) of farmers including share croppers and tenant farmers are eligible to apply for UCO Bank Kisan Credit Card.

Documents Required for UCO Bank Kisan Credit Card

An applicant must submit the following documents to advance the UCO Bank Kisan Credit Card application process.

1. Duly filled and signed application form
2. KYC documents - ID proof and address proof. Keep documents like Voter ID, PAN card and Aadhaar card handy to be submitted as KYC documents.
3. Land documents, if applicable.
4. Security PDC, if any.
5. The applicant will also be required to submit other necessary documents, if required, based on the sanction condition.

For a complete list of documents required, do enquire with UCO Bank.

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