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PSB Kisan Credit Card Loan (KCC) Form
The KCC provides short term loans to farmers at an interest rate of 4 percent on the condition of timely payment. According to government-run State Bank of India, interest will be waived up to 3 percent if the farmer repays the loan promptly.
To provide additional hassle-free investment credit to farmers for agriculture purposes.
Individual farmers/joint borrowers who are existing Kisan Credit Card (KCC) holders having a satisfactory track record of one year.
Area of Operation
The scheme to be implemented by all the branches
Nature of Facility
Term Loan repayable within 3-5 years for undertaking activities like farm mechanization, land development, minor irrigation, allied activities, horticulture, and all other agriculture-related activities
Quantum of Loan
Rs 50000/- per acre of owned land with a maximum of Rs 5 Lacs.
The Term Loan be sanctioned on the basis of risk assessment on case to case basis.
This loan amount shall be in addition to the existing KCC limit of applicants.
Hyp. of assets created out of Bank loan. The additional security will be land already mortgaged with the Bank in KCC limits. The undertaking is obtained from the borrower that the Security will not be released until and unless the Term loan account is adjusted. A third-party guarantee be obtained.
15% to 25 % of the project cost.