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ICICI Kisan Credit Card

Updated on February 23, 2024 , 13864 views

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.

ICICI Kisan Credit Card

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.

ICICI Kisan Credit Card Application

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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ICICI Bank KCC Interest Rate 2024

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 -

Loan Type Minimum Maximum
Agricultural Term Loan 10.35% 16.94%
Kisan Credit Card 9.6% 13.75%

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.

Benefits of ICICI Kisan Credit Card

1) Safe and Convenient Banking

ICICI bank offers 24x7 reliable customer support. You got nothing to worry about when borrowing KCC loan from ICICI.

2) Wide Network

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.

3) Card Limit

The card has a validity of 5 years. It requires renewal every year. However, the documentation process is needed only at the beginning.

ICICI Kisan Credit Card Features

  • A 2% of the late payment fee is charged on the overdue.
  • A legal fee of Rs. 2,500 is charged on the KCC loan amount above Rs. 3 Lakhs.
  • The bank might charge a valuation fee up to Rs. 2000 for property or land valuation, if required.
  • A Flat fee of Rs. 500 is charged if the interest is not paid by the due date. If the payment of interest is not processed in 60 days post the last repayment date, then Rs. 1000 will be charged for late payment.
  • ICICI bank offers long term loans for agricultural and farming activities as well as the retail and short-term agricultural loan.

Eligibility Criteria

  • The age of the applicant must be between 18 and 70 years to apply for Kisan credit card from ICICI bank.
  • You need to be a farmer or a tenant in agricultural land.
  • The documents you need to submit include the KYC documents, landholding papers, application form, security proof, Income statement copy, and other documents requested by the bank.

ICICI Bank KCC Customer Care

For further details about the agricultural loans and Kisan Credit Card, feel free to Call on the customer care number 1800 103 8181.

All efforts have been made to ensure the information provided here is accurate. However, no guarantees are made regarding correctness of data. Please verify with scheme information document before making any investment.
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