The Kisan Credit Card loan limit has been raised from Rs 3 lakh to Rs 5 lakh, as announced by Finance Minister Nirmala Sitharaman in the budget today.
While presenting the budget, she highlighted that India’s economy is the fastest-growing, with a focus on four key growth drivers: agriculture, SMEs, and exports.
Agriculture is the primary focus, and the Finance Minister also mentioned the expansion of the Prime Minister’s Dhan Dhanya Yojana.
Efforts will be made to promote crop diversification, boosting agricultural productivity and benefiting 7.5 crore farmers.
Government’s focus on farmers and agriculture sector
The government is focusing on rural youth and small farms, with plans to promote 100 districts.
The goal is to develop the agriculture sector in collaboration with state governments.
A comprehensive program for fruits and vegetables will be launched, aimed at boosting production and improving the supply chain.
A Makhana Board will also be established, benefiting farmers in Bihar. Its purpose is to improve the condition of Makhana farmers and enhance the production and marketing of Makhana.
Who can apply for the Kisan Credit Card?
The Kisan Credit Card (KCC) helps farmers get loans at low interest rates. Through this scheme, farmers are provided a credit card that allows them to easily access loans when needed.
If farmers want to start a business in animal husbandry, fish farming, or agriculture, they can take short-term loans through KCC.
The scheme offers discounted interest rates on loans from banks, starting at under 2% and averaging around 4%, making it easier for farmers to repay the loan.
How to apply for Kisan Credit Card?
Applying for a Kisan Credit Card is simple. The card is issued within 15 days of applying.
To apply, the farmer needs to visit the official website of their bank and select the Kisan Credit Card option.
After filling in the required details and submitting the application, the process is complete.
When did the KCC scheme start?
The Kisan Credit Card Scheme was launched in 1998 by the National Bank for Agriculture and Rural Development (NABARD) to help reduce farming-related problems by providing short-term loans to farmers.
This scheme offers several benefits to farmers, including low interest rates, easy loan repayment options, insurance coverage, interest on savings accounts, and a debit card.
