The Union Cabinet led by Prime Minister Narendra Modi has approved the continuation of the Revised Interest Subsidy Scheme (MISS) for the next financial year 2025-26. Necessary funds for this have also been decided. This scheme is to provide short term loans to farmers at low interest through Kisan Credit Card (KCC).
From KCC, farmers can take loans up to Rs 3 lakh at 7% interest, with banks getting 1.5% interest subsidy.
Farmers who repay the loan on time get an incentive of up to 3%, which means their interest is reduced to just 4%.
Interest benefit on loans taken only for animal husbandry or fisheries is applicable up to Rs 2 lakh.
No changes have been made in this scheme, that is, the old conditions and structure will remain the same. There are more than 7.75 crore KCC accounts in the country.
Loan through KCC was Rs 4.26 lakh crore in 2014 which increased to Rs 10.05 lakh crore by December 2024.
Total agricultural loans increased from Rs 7.3 lakh crore in 2013-14 to Rs 25.49 lakh crore in 2023-24.
Kisan Loan Portal (KRP), started in August 2023, is making the loan process more transparent and easy.
1. Check eligibility: Cultivators individually or jointly, whether they are owners or tenant farmers. Those who do animal husbandry or fisheries can also apply for KCC. Only farmers between 18 and 75 years of age can get these cards made.
2. Documents required: For identity card, any one of the documents like Aadhar Card, PAN Card, Voter ID, Driving License will be required. Documents like Aadhar card, ration card, electricity bill will be required for proof of address. Apart from this, a farm khatauni, jamabandi, or rent agreement will be required.
3. Select Bank: Any bank included in the KCC scheme, such as State Bank of India (SBI), Punjab National Bank (PNB), Regional Rural Banks, or Co-operative Banks, issues this card. Select the bank where you already have an account or which is easily available in your area.
4. Fill the application form: Go to your nearest bank and ask for KCC application form. Forms of many banks are also available on their websites. At the same time, applications for KCC are also accepted through the online portal of some banks.
5. Processing time: Usually, KCC is issued within 15-30 days after submission of application, provided the documents are complete and no problems occur. If you are associated with PM Kisan Yojana, the process can become faster.
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