SBI Kisan Credit Card: Features, How to apply and other details

India's largest public-sector lender State Bank of India, offers timely and adequate credit to farmers to meet their cultivation expenses through SBI Kisan Credit Card. It allows this through a simple procedure for borrowers to avail loans basis their needs.

What is SBI Kisan Credit Card

Kisan Credit Card is similar to a revolving cash credit account. The credit balance in the account will earn the bank's interest rate. It's a five-year account with a 10% increase in limit every year, subject to annual review.

Kisan Credit Card offers a 3 per cent interest subvention for prompt borrowers up to Rs 3 lakh. It gives the convenience of a repayment period as per the crop period (short/long) and marketing period for the crop. The bank will allot RuPay cards with accidental insurance of Rs 1 lakh if the card is activated once in 45 days. 

Who can apply

All the farmers-individuals/joint borrowers and are owner cultivators, tenant farmers, oral lessees, share croppers, can apply for the credit card. SHGs or Joint Liability Groups of farmers including tenant farmers, share croppers, etc can also apply. The bank offers a 7 per cent interest rate of up to Rs 3 lakhs.

KCC borrowers below 70 years of age are covered under Personal Accident Insurance Scheme (PAIS). Eligible crops are covered under Pradhan Mantri Fasal Bima Yojna (PMFBY)