Santa Claus comes around just once a year. In the meantime, there are Credit Cards.
  • UCO Bank Kisan Credit Card

    UCO Bank is a major commercial bank in India that is owned by the Government. UCO Bank was listed on Forbes Global 2000 List and was also rated as one of India’s most trusted brands. After NABARD came up with the Kisan Credit Card Scheme to cater to the financial needs of farmers and to offer affordable credit, UCO Bank Kisan Credit Card was introduced along with other special schemes for farmers. This credit card will offer timely credit for farmers during cropping season and will help them towards the purchase of farm equipment’s and harvesting.

    Also, affordable interest rates, direct delivery channels and reliability offered by UCO Bank Kisan Credit Cards will encourage the farmers to move away from non-institutional means of credit.

    Features and Benefits of UCO Bank Kisan Credit Card:

    The features and benefits the accompany UCO Bank Kisan Credit Card makes it a very popular products amongst all Kisan welfare schemes.

    • 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.

    • 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 limit towards maintenance expenses of farm assets. This formula guarantees that every borrowers gets the required loan quantum.

    • Validity:

      The Kisan Credit Card is valid for a period of 5 years from the date of issuance.

    • Assessment of Limit:

      The assessment of 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 scale of financing for every consecutive year (2nd, 3rd, 4th & 5th year). The maximum permissible limit is the value arrived at the end of fifth year.

    • 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.

    • Simple Assessment for Marginal Farmers:

      For marginal farmers, flexi KCC is offered with simple assessment procedure.

    • Interest Subvention Scheme:

      Interest rates are made affordable by interest subvention and incentive subvention scheme for prompt repayment by the Government of India and State Government norms.

    • Processing Fee Waiver:

      For loan limit up to Rs. 3 lakhs, no processing fee is charged under the UCO Bank Kisan Credit Card loan scheme.

    • Disbursement Channels:

      The loan disbursement is done through a variety of channels, including ICT driven channels like mobile handsets, ATM and PoS.

    • 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 of time.

    • Simple Documentation:

      The applicant has to submit documents only one time, during 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.

    • New Accounts:

      Existing KCC accounts that are operative as well as new Kisan Credit Card holders are given the RuPay enabled Kisan Credit Cards.

    • 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.

    • 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.

    • 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 at the same cropping season instead of a onetime withdrawal.

    Interest Rates for UCO Bank Kisan Credit Card Loan:

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

    Item Rate of Interest Interest Subvention Incentive Subvention
    Agri Crop Loan up to Rs. 3.00 lakh 7. 00% 2. 00% up to Rs. 3 lakh 3. 00% for farmers paying instalments promptly (up to Rs. 3. 00 lakh)
    Above Rs. 3.00 lakh and upto Rs. 25 lakh Base Rate + 1. 00% Not applicable Not applicable
    Above Rs. 25.00 lakh and upto Rs. 1.00 crore Base Rate + 2. 00% Not applicable Not applicable

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

    • For loan amounts up to Rs. 3 lakh, interest subvention up to 2% is given and on prompt repayment, further 3% interest subvention is available.
    • For loan amount up to Rs. 3 lakhs, 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.
    • 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 due date at normal rate without interest subvention, interest rate would be Base Rate + 1. 00%.

    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.

    • The applicant must be a resident Indian and must be over 18 years of age.
    • All farmers, individuals and joint borrowers who are owner cultivators are eligible to apply for UCO Bank Kisan Credit Card.
    • 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.

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

    FAQs on UCO Bank Kisan Credit Card:

    1. In which branches of UCO Bank is the Kisan Credit Card offered?

      This credit card is offered in all semi-urban and rural branches of UCO Bank and also in selected urban branches where the villages are allocated under ACP (Annual Credit Plan) scheme.

    2. What is the processing fee that is charged for UCO Bank Kisan Credit Card loans?

      For loans up to Rs. 3 lakhs, no processing fee is charged. For loans exceeding Rs. 3 lakhs, a nominal amount may be charged as processing fee. Do contact UCO Bank to know more about the prevailing rates and charges as they are subject to frequent change.

    3. What is the maximum repayment tenure for UCO Bank Kisan Credit Card agri crop loans?

      Any withdrawal from the account has to be paid back within a time period of 12 months.

    4. Will I incur any penalty if I fail to repay the loan within given period of tenure?

      Yes, if a customer fails to repay the loan before the due date or within a period of one year, the interest will be charged at the normal rate from due date, i.e. Base Rate + 1. 00%.

    5. What is the security for UCO Bank Kisan Credit Card crop loans?

      The following is the prescribed security for UCO Bank Kisan Credit Card crop loans.

      • Hypothecation of crops for a card limit of up to Rs. 1 lakh as per RBI guidelines.
      • For loan limits above Rs. 1 lakh for non-tie-up and for loan limits above Rs. 3 lakhs in case of tie-up advances, collateral security may be obtained, at the discretion of concerned UCO Bank branch.
      • For loans up to a card limit of Rs. 3 lakhs with tie up for recovery, concerned UCO Bank branch may consider loan sanctions based on hypothecation of crops as security.

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