State Bank of Patiala Kisan Credit Card can be used by farmers and agriculturists to purchase farm equipment’s and other inputs and also to withdraw cash for their own needs. Farmers can greatly enhance their process and produce with the help of State Bank of Patiala Kisan Credit Card that caters to the financial needs of agriculturists by offering credit with minimal documentation. Minimal documentation requirements, easy disbursement, flexible repayment terms and assured availability of credit are some of the advantages that the farmers get with State Bank of Patiala Kisan Credit Card.
Features and Benefits of State Bank of Patiala Kisan Credit Card:
Given below are some of the features and benefits that come with State Bank of Patiala Kisan Credit Card.
- Quantum of Loan:The quantum of loan is decided based of the crops, including fodder crops that are cultivated as per the proposed scale of finance and cropping pattern provided by the State Level Banker Committee (SLBC) of concerned state.
For every consecutive year (second, third, fourth and fifth year), the loan limit will be increased by 10% and the limit at the end of fifth year will be the Maximum Permissible Limit (MPL) which can be sanctioned as the Kisan Credit Card (KCC) Limit.
- Flexible Tenure:The Kisan Credit Card Loan will be in nature of revolving account. At any given point of time, there is no requirement to bring the debit balance in the KCC account to zero.
- Affordable Interest Rates:The interest rate is floating in nature and has been made very affordable for farmers by Interest Subvention by the Government of India. The interest rate depends on factors like applicant type, farmer or non-farmer, quantum of loan and the interest rates are linked to the base rate.
- Collateral Security:For loans up to Rs. 1 lakh, no collateral security is required. For loans above Rs. 11 lakh, 125% of the loan amount must be submitted as security in form of hypothecation of crops raised. No collateral security is required for loan limit up to Rs. 2 lakhs if the borrower has a good track record of loan repayment.
- Balance Statement:The annual outstanding balance statement will be issued in form of passbook updation on demand.
Eligibility for State Bank of Patiala Kisan Credit Card:
The eligibility for State Bank of Patiala Kisan Credit Card is as follows.
- The applicant must be a resident Indian and must be over 18 years of age.
- Tenant farmers, share croppers and oral lessees are eligible to apply for State Bank of Patiala Kisan Credit Card.
- All farmers, both joint borrowers and individuals who are owner cultivators are eligible for State Bank of Patiala Kisan Credit Card.
- Joint Liability groups and Self Help Groups of farmers including share croppers and tenant farmers are eligible for State Bank of Patiala KCC scheme.
- The applicant must own a plot of agricultural land.
Documentation for State Bank of Patiala Kisan Credit Card:
An applicant must submit the documents given below to complete the application procedure for State Bank of Patiala Kisan Credit Card.
- Completely filled application form with passport size photographs
- Land documents
- Security PDC, if required.
- KYC documents like address proof and identity proof. Have documents like PAN card, voter ID and Aadhaar card ready to be submitted as KYC.
- As per sanction conditions, other documents might be asked.
Do enquire with State Bank of Patiala about the complete list of documents required as per your profile type.
Interest Rate for State Bank of Patiala Kisan Credit Card Loan Scheme:
The interest rate for State Bank of Patiala Kisan Credit Card loan is floating and the interest rate chargeable for floating rate KCC loans is as given below.
| Applicant Type | Loan Quantum | Interest Rate |
| Farmers | Up to Rs. 3 lakhs | 7. 00% per annum with interest subvention
1. 75% + BR (11. 40%) without interest subvention |
| Loan amount greater than Rs 3 lakhs and less than Rs. 25 lakhs | 1. 50% above Base Rate,
11. 15% per annum |
|
| Loan amount greater than Rs. 25 lakhs | 3% + BR, 12. 65% per annum |
| Applicant Type | Loan Quantum | Interest Rate |
| For KCC holders other than farmers | Up to Rs. 3 lakhs | 1. 75% + BR, 11. 40% per annum |
| Loan amount greater than Rs 3 lakhs and less than Rs. 25 lakhs | 2. 75% to 3. 75% + BR,
12, 40% to 13. 40% per annum |
|
| Loan amount greater than Rs. 25 lakhs | 11. 65% to 13. 40% per annum |
Only floating interest rates are offered for State Bank of Patiala Kisan Credit Card loans and no fixed interest rate loans are offered.
Do contact State Bank of Patiala for more information on prevailing interest rates as it is subject to frequent change.
Fees and Charges for State Bank of Patiala Kisan Credit Card:
The fees and charges pertaining to State Bank of Patiala Kisan Credit Card is given below.
| Foreclosure Charges | NIL |
| Application Fee | NIL |
| Processing Fee |
|
| Inspection Charges |
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