Comprehensive Guide to Kisan Credit Card Scheme 2024: Apply, Benefits, and Insurance

Introduction to Kisan Credit Card Scheme 2024

The Kisan Credit Card (KCC) Scheme, launched in 1998, aims to provide financial assistance to farmers for purchasing agricultural inputs and managing their production needs. Over the years, the scheme has evolved to include long-term loans and working capital loans for agriculture and allied activities. In 2024, the scheme has been further expanded by the Reserve Bank of India to support farmers involved in animal husbandry and fisheries.

Objectives of the Kisan Credit Card 2024

The primary goals of the Kisan Credit Card Scheme are:

1. Short-term Credit Requirements: The KCC provides financial assistance for farmers’ immediate needs related to farming.
2. Post-harvest Expenses: It helps farmers manage costs incurred after harvesting.
3. Consumption Needs: KCC ensures farmers and their families can meet their daily expenses.
4. Working Capital: The card offers working capital to maintain agricultural assets and carry out related activities.
5. Investment Credit: It provides investment credit for various agriculture-related activities, ensuring farmers can invest in their farms.

Eligibility Criteria for Kisan Credit Card 2024

The Kisan Credit Card Scheme is open to various categories of farmers, with a special focus on marginal and small farmers, who make up over 86% of the farming community in India. The eligibility criteria include:

• Individual Farmers: Any farmer engaged in agriculture can apply.
• Joint Borrowers: Two or more farmers can jointly apply for a KCC.
• Tenant Farmers: Those who lease land for farming are eligible.
• Oral Lessees: Farmers with oral lease agreements can also apply.
• Sharecroppers: Farmers who share crops with landowners are included.
• Self Help Groups (SHGs): SHGs can apply for a KCC.
• Joint Liability Groups (JLGs): Groups of farmers sharing liability can avail the scheme.

Required Documents for Kisan Credit Card Application 2024

Applying for a Kisan Credit Card requires submitting several documents, including:

1. Identity Proof: Aadhaar card, Voter ID, or PAN card.
2. Address Proof: Ration card, utility bills, or any other government-issued document.
3. Land Ownership Proof: Documents proving ownership or lease of agricultural land.
4. Income Proof: Income certificate or other proof of income.
5. Passport-sized Photo: Recent photograph of the applicant.
6. Application Form: Filled and signed application form.
7. Agriculture Activity Detail: Information on the type of agricultural activities undertaken.
8. Additional Documents: Any other documents as required by the bank.

Features of the Kisan Credit Card 2024

The Kisan Credit Card comes with several key features designed to support farmers:

• Validity: The card is generally valid for five years, with annual renewals.
• Repayment: Loans must be repaid after the crop is harvested and sold.
• Credit Period: The credit period typically lasts for 12 months.
• Loan Extension: In case of a bad crop season, the loan can be extended for up to four years or more.
• Loan Limit: The loan amount depends on the lender’s terms and the farmer’s credit score.

Benefits of the Kisan Credit Card 2024

Farmers can enjoy several benefits from the Kisan Credit Card:

• Passbook and Cheque Book: Issued for withdrawing cash and making purchases.
• Purchase of Inputs: Farmers can buy seeds, fertilizers, and other agricultural inputs.
• Low-Interest Rates: Interest rates are minimal, averaging around 9%.
• Loan Limit: The maximum loan limit is up to Rs 3 lakh, with higher limits for those with good credit scores.
• Subsidies: Farmers with good credit scores can receive interest rate subsidies.

Insurance Coverage Under Kisan Credit Card 2024

The Kisan Credit Card Scheme also provides insurance coverage:

• Crop Insurance: Coverage under the National Crop Insurance Scheme for certain crop loans.
• Natural Calamities and Pest Attacks: Insurance against crop failure due to natural disasters or pest infestations.
• Personal Accident Cover: Available for cardholders under the age of 70 years.

Application Procedures for Kisan Credit Card 2024

Farmers can apply for a Kisan Credit Card through nationalized, cooperative, or regional banks. The application process involves:

1. Credit Score Check: The bank will assess the applicant’s credit score.
2. Verification of Details: The bank will verify landholding, cropping patterns, and income details.
3. Approval and Issuance: Once approved, the KCC is issued to the farmer.

Kisan Credit Card Online Application Process 2024

To apply online:

1. Visit the official website of the chosen bank.
2. Navigate to the ‘Cards’ section and select ‘Kisan Credit Card’.
3. Click on the ‘Apply’ option.
4. Fill in the required details in the application form.
5. Submit the application online.

FAQ Section

1. What is the Kisan Credit Card Scheme 2024?

The Kisan Credit Card Scheme provides financial assistance to farmers for purchasing agricultural inputs and managing production needs.

2. Who is eligible for the Kisan Credit Card?

All categories of farmers, including individual farmers, joint borrowers, tenant farmers, oral lessees, sharecroppers, SHGs, and JLGs, are eligible.

3. What documents are needed to apply for a Kisan Credit Card?

You need identity proof, address proof, land ownership proof, income proof, passport-sized photos, a filled application form, and details of agricultural activities.

4. What are the benefits of the Kisan Credit Card?

Benefits include low-interest rates, a passbook and cheque book, and the ability to purchase agricultural inputs. It also offers insurance coverage for crops and personal accidents.

5. How do I apply for a Kisan Credit Card online?

Visit the official website of your bank, go to the ‘Cards’ section, select ‘Kisan Credit Card’, and fill out the application form online.

6. Can I get insurance coverage with a Kisan Credit Card?

Yes, the KCC provides insurance coverage for crop failures due to natural calamities or pest attacks, and personal accident cover for farmers below 70 years.

Conclusion

The Kisan Credit Card Scheme 2024 is a valuable financial tool for farmers, providing easy access to credit for various agricultural needs. By simplifying the application process and offering benefits like low-interest rates and insurance coverage, the scheme helps farmers manage their expenses and invest in their agricultural activities. For more information and to apply, visit the official bank websites or pmkisan.gov.in.