Next month and a half is important for those holding Kisan Credit Card, 7 percent interest will be given on default
new Delhi : This news is very important for those having a Kisan Credit Card. Actually, the loan taken on Kisan Credit Card (KCC) is to be returned within the next 48 days or say one and a half month. In case of not doing this, farmers will have to pay interest rate of 7 percent instead of 4. On 31 August, the government has given permission to deposit the money on farm loan. There are crores of farmers in our country who use Kisan Credit Card.
Loan has to be deposited by 31 March Normally, loan taken through Kisan Credit Card is to be returned by 31st March, but this time due to Corona epidemic, the government had given the farmers till 31st August i.e. till 31st August farmers could repay the loan. This means that farmers can pay the interest of KCC card at the old rate of only 4 percent per year till 31 August. Later it will be expensive by three per cent.
1.60 lakh loan is available without guarantee- Through Kisan Credit Card, banks get a loan of up to 3 lakhs at a cheaper rate. Finance Minister Nirmala Sitharaman ( Finance Minister Nirmala Sitharaman ) Had announced to provide Kisan Credit Card (KCC) to 2.5 crore farmers of the country keeping in mind the needs of the farmers. Let us tell you that through this scheme, loans of 1.6 lakhs are given without any guarantee.
Benefits of Kisan Credit Card The loan availed under Kisan Credit Card is cheaper by 2-4 percent, provided the loan is repaid on time. Also, you do not need to give any kind of guarantee to take a loan of up to 1.6 lakh. Crop insurance is also available in case of damage due to insect attack or any natural disaster.