ICICI offers an extensive Range of loan facilities designed specifically for farmers. You could use these loans to carry out all sorts of agricultural activities in a hassle-free and convenient manner. One such low-interest loan that ICICI Bank offers to farmers is the ICICI Bank Kisan credit card. The scheme was specially designed to ensure the Indian farmers get access to short-term credits whenever they need. There are no restrictions as to how the farmers use his money.
Whether they would like to purchase agricultural equipment and machinery or spend this amount on personal and household expenses, they have full control over how they use this sum.
Now farmers do not need to depend on money lenders and other financial institutions to obtain a high-interest loan. The credit card is available at a low-interest rate and with flexible tenure. They are supposed to make the repayment along with the interest in 12 months.
As soon as your application for the Kisan credit card is approved by the bank, the bank will issue an ATM card that can be used to withdraw funds at any time. As mentioned before, the credit card has a reliable and flexible tenure, which means you can pay as much or as little as you want every month. However, the whole amount has to be repaid within 12 months. The online application form is available for those who want to apply online. You will get a confirmation email at the registered email address.
The bank will check the credit terms and limit every month. Given that you repay the money in a timely manner and make the good use of this loan, there is a chance the bank can increase your Credit Limit. The bank also offers this short-term loan Facility to the tenants who acquire agricultural Land on rent and cultivate crops.
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The interest rate on the Kisan credit card can vary from banks to banks. Basically, the interest rate is decided by the bank. It has to comply with the interest terms of the reserve bank of India.
Here's the interest rate of KCC offered by the ICICI bank -
|Agricultural Term Loan
|Kisan Credit Card
The government also offers some interest subvention to help farmers repay the loan with the interest conveniently. The farmers can repay the loan after harvesting their crops. The bank is also willing to extend the loan duration in the case of damages to the crop due to natural calamity or pest attacks.
ICICI bank offers 24x7 reliable customer support. You got nothing to worry about when borrowing KCC loan from ICICI.
You can use the Kisan Credit Card at almost any ATM. There are over 10,000 ICICI ATM machines available across the nation. You can withdraw money from Kisan Credit Card from any bank’s ATM.
The card has a validity of 5 years. It requires renewal every year. However, the documentation process is needed only at the beginning.
For further details about the agricultural loans and Kisan Credit Card, feel free to Call on the customer care number
1800 103 8181.
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