State Bank Of India provides a loan for the farmers to satisfy their fund requirement for the crop production. As you know, it is not an easy task for a farmer to cultivate the land to grow the crops. The farmer requires an adequate amount of money for the crop growing process. And SBI fulfills the farmers needs by providing Kisan Credit Card (KCC) loans. With the help of the KCC loan scheme, farmers can borrow a loan amount from SBI at a lower interest rate. Read this article to know about the loan scheme in detail.
High loan limit with a lower interest rate on KCC loan scheme
You can borrow up to INR 3 lakhs and above from SBI under the KCC loan scheme. All the farmers including the tenant farmers, sharecroppers and joint liability or self-help groups are eligible for the loan. The borrower can get up to INR 1.6 lakh from SBI without providing any collateral for it. And the simple interest applied to the KCC loan is 7% per annum. If the user doesn’t pay the loan before the due date then the interest is applied on SBI card rates. Loan payment can be done in equated monthly loan installments through SBI savings account or any other bank account.
Subsidy benefit on your KCC loan scheme
The bank provides subsidy benefits to the borrower on a high loan amount of INR 3 lakh and above. And, the individual can borrow a high loan amount under the KCC loan scheme against their crop production or land. By providing security to the loan amount one can avail a high loan amount and get the benefit of subsidy up to 2% on their loan interest. You can also get a 3% subsidy on your KCC loan if you quickly repay the loan amount.
How to apply for the SBI KCC loan scheme?
To get a KCC loan from sBI you just need to visit the nearest SBI branch. After that, you are required to fill out the Kisan credit card application form. Then submit your form along with a few documents like Aadhar card, Voter ID card and PAN card. Because the bank requires applicant Id proof and address details during the process. When your application is approved you will be notified via message on the registered mobile number. You will get an ATM cum debit card and Passbook with your KCC approval from SBI.
Using your Kisan credit card you can borrow a loan amount from SBI without any documentation and processing charge. As SBI waived the processing fee for the KCC loan above INR 3 lakh. So, apply for the SBI KCC loan scheme and manage your agriculture expenses like fertilizers cost and more. You can pay the loan amount in EMI using suitable payment methods such as Post-dated cheques or auto-debit method. Now, farmers no need to worry about your financial problems getting a KCC loan from SBI is an instant solution to your agriculture needs.