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SBI Kisan Credit Card

Updated on November 28, 2023 , 88653 views

The State Bank of India (SBI) offers a credit card to people involved in agricultural activities and farmers so that they can cater to their financial, agricultural, and emergency requirements. The SBI Kisan Credit Card is not only confined to the farmer’s agricultural needs, but also intends to help them meet their personal expenses, medical requirements, children’s marriage and educational expenses, and more.

SBI Kisan Credit Card

The disbursement process is quite easy. Farmers are supposed to fill the simple documents for loan sanction. SBI will decide the short-term Credit Limit according to the productivity of the farmer and the crops they are able to grow in a specific period. The credit limit will help farmers meet their personal, household, insurance, medical, and farm-related expenses. The bank is expected to change the short-term credit limit for Kisan Credit card every year.

SBI KCC Interest Rate 2023

The total loan amount will vary according to farm production. It will be five times the total Earnings of the farmer per year. Farmers are supposed to secure the loan with Collateral, which will be the agricultural Land. The amount of the loan will be half the total value of the agricultural land. The maximum amount will not exceed Rs. 10 Lakh.

In order to get their credit card request approved, farmers have to submit the land records, agricultural Income statement, identification and address proof, and other required documents. If the loan amount is below than or equal to Rs. 1 Lakh, then the State Bank of India will demand collateral. If the amount is above Rs. 1 Lakh, the agricultural land and other assets will be used as a debt security.

SBI KCC interest rates for borrowers having a total credit limit under Rs. 25 Lakh -

Loan Amount Interest Rate (Per Annum)
Up to Rs. 3 Lakh Base rate plus 2 percent = 11.30 percent
Rs. 3 Lakh to Rs. 5 Lakh Base rate plus 3 percent = 12.30 percent
Rs. 5 Lakh to Rs. 25 Lakh Base rate plus 4 percent = 13.30 percent

The farmers get an interest subvention up to 2% a year from the government. If they repay the loan before the due date, then 1% extra subvention is granted to the borrower. The bank charges 7% interest for one-year on the loan amount.

The SBI KCC interest rate (per annum) for borrowers having a total credit limit between Rs. 25 Lakhs to Rs. 100 Crores-

3 Year Tenure Tenure Between 3-5 Years
11.55 percent 12.05 percent
12.05 percent 12.55 percent
12.30 percent 12.80 percent
12.80 percent 13.30 percent
13.30 percent 12.80 percent
15.80 percent 16.30 percent

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SBI Kisan Credit Card Features

The credit under the KCC program is in the form of revolving credit and the total balance in the account.

  • Debit Card: The customers of KCC will receive State Bank Kisan Card, which is a Debit Card. It will enable the users to withdraw from the respective KCC accounts.
  • Processing Fees: SBI will waive the processing fees for the subsequent loans that are taken for around Rs. 3 Lakh
  • Security: In case, an arrangement has been prepared for loan repayment, then security is not required for the amount between Rs. 1 Lakh and Rs. 3 Lakh.

SBI KCC Benefits

Farmers can apply for the KCC by SBI in the form of a single applicant or with co-borrowers who might be owner cultivators.

Some of the important benefits offered by the SBI KCC are:

  • Getting interest at a savings rate on the give credit balance
  • Free delivery of atm cum debit card
  • For a loan of around Rs.3 Lakh, interest subvention available at 2 percent per annum
  • For prompt repayments, additional interest subvention available at 3 percent per annum

Documents Required to Apply for SBI KCC

  • Application form duly filled
  • ID proof
  • Address Proof

SBI Kisan Credit Card Online Application

SBI has taken a step to support the Indian farmers by sanctioning their loan application with a low-interest rate and flexible tenure. Individual, tenant farmers, landowners, and sharecroppers are eligible for the SBI Kisan credit card.

  • Farmers can either request the application form from the nearest branch of the State Bank of India or download its PDF from the SBI official website.
  • Kisan credit card online apply sbi form is available.
  • You can fill the application and submit it to the branch manager. They will review the documents and pass your loan application given that you meet the eligibility criteria.
  • You can use the credit card as soon as your loan application is passed and you get the card. For further details, contact the SBI Kisan credit card helpline number.

SBI Kisan Credit Card Customer Care Number

For more information, you can Call 24x7 helpline number of SBI at 1800 -11 -2211 (toll free).

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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