PNB Kisan credit card has been specially designed to offer financial assistance to the farmers. It is a type of a loan that helps farmers cater to their financial requirements. They can use this credit card to meet their personal Financial goals, purchase agricultural equipment, and spend on emergency requirements.
The loan is designed to help farmers meet urgent cash requirements. Punjab National Bank offers this loan to cater to farmer's short-term and long-term cultivation requirements. But, that's not the only use of this loan. Farmers can also use this money for household consumption and personal expenses.
It can also be used to fund the educational and all types of financial requirements. In order to be eligible for this loan, you need to be a farmer or a tenant working in the agricultural Land. It is mandatory for the borrower to be a cultivator. The maximum Credit Limit of the card is Rs. 50,000. Punjab National Bank could increase the credit limit depending on the farmer's repayment plan and how they use the loan amount.
The maximum loan amount available under this scheme is Rs. 50,000 and the minimum amount is Rs. 1,000. If you are applying for the Kisan credit card loan up to Rs. 3 lakhs, then no additional or processing fee will be charged. A Flat 7% of interest is charged on the Punjab National Bank Kisan credit card loan on an amount up to Rs. 3 Lakhs.
The interest rate can vary depending on the type of loan you apply for.
|Base rate||Interest Rate||Loan Amount|
|9.6%||11.60% (base rate + 2%)||Rs. 3 Lakh - 20 Lakh|
The PNB KCC interest rate is approx 7% (as mentioned above). The government offers interest subvention to help farmers repay the loan easily.
The card stays valid for five years following the sanction date. The maximum card limit for the farmers is up to Rs. 50,000. However, it could be extended during the renewal, only if the farmer manages to improve their Credit Score.
For a loan amount worth Rs. 1 Lakh, the bank will use crops or assets for loan security. If the amount exceeds Rs.1 Lakh, the farmer will have to bring a guarantor as security or provide the bank with additional security.
No additional fee is charged as long as the loan amount doesn’t exceed Rs. 3 Lakh. Processing fee can be charged if the loan amount is more than Rs. 3 Lakh.
You could apply for the Kisan credit card in the Punjab National Bank. The application process is quite simple and straightforward. All you need to do is pay a visit to the nearest PNB branch, fill the application form, submit the required documents, and wait for the approval. Alternatively, you can also fill the form online on the PNB official website. Moreover, the bank offers a serial number that can be used to monitor the status of the application. Now, farmers can track their application online.
Make sure you go over all the terms and conditions mentioned in the agreement. Once you have filled the application form, you are going to receive an acknowledgement slip on your email address.
The PNB Kisan Credit card is a type of a short-term loan issued to agricultural workers and farmers. It is extremely helpful for those who need cash.
For further details about the interest and term of the loan, use the PNB Kisan credit card helpline number to get in touch with a professional
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