Union Finance Minister Nirmala Sitharaman has presented the general budget for the financial year 2024-25, with a special focus on farmers.
The budget includes several new benefits for the agricultural sector, including an update on the PM Kisan Credit Card Scheme.
New Benefits of Kisan Credit Card Scheme
The Kisan Credit Card Scheme, which offers low-interest loans to farmers, will see an expansion.
The Finance Minister announced that Jan Samarth-based Kisan Credit Cards will be issued in five states.
This scheme helps farmers meet their financial needs with loans up to Rs 3 lakh at an interest rate of just 4%.
This is significantly lower than the rates charged by money lenders.
Farmers using this card benefit from lower interest rates and easy access to loans.
The Kisan Credit Card also provides coverage of up to Rs 50,000 in case of death or permanent disability and up to Rs 25,000 for other risks.
Eligible farmers receive a savings account, smart card, and debit card.
The credit is valid for 3 years, and loans can be repaid after harvesting the crop.
Applying for a Kisan Credit Card Online
To apply for a Kisan Credit Card online, follow these steps:
1) Visit the website of your chosen bank.
2) Select the Kisan Credit Card option and click “Apply.”
3) Fill out the application form that appears.
4) Submit the form. The bank will contact you to verify your details.
5) After verification, you will receive your Kisan Credit Card.
This streamlined process makes it easier for farmers to access financial support and manage their agricultural expenses.
