Kisan Credit Card Scheme: More than half of India’s population earns its living through agriculture. The Government of India also keeps benefiting farmers under different schemes. Many farmers in India are not completely prosperous. Not everyone’s financial condition is very strong. In such a situation, these farmers need financial assistance from time to time.
Keeping something in mind, in the year 1988, the Government of India along with RBI and NABARD started a new scheme. The name of this scheme was Kisan Credit Card Scheme. Under this, loans are given to farmers at low interest rates. Let us know about it.
What is Kisan Credit Card Scheme?
From time to time, farmers need money for various farming purposes. Keeping something in mind, the government has launched Kisan Credit Card Scheme to benefit the needy farmers. Under this scheme, loans up to Rs 3 lakh are given to farmers at an interest rate of only 4%. The interest rate increases as the loan amount increases.
The normal interest percentage on Kisan Credit Card is 9%. But you take a loan up to Rs 3 lakh. So under the KCC scheme, a subsidy of two percent is given by the government on this. And if you repay before one year, then you also get three percent incentive. That means the interest on your loan becomes 4%. This is the easiest loan scheme for farmers in the country.
90 thousand farmers will be given benefits
In 2024-25, the cooperative banks of Bihar have set a target of providing loan benefits to 90,000 farmers under the Kisan Credit Card Scheme. A target was set by banks to provide benefits to 80,000 farmers in the year 2023-24. So this time it has increased by 10000. Under the Kisan Credit Card Scheme, cooperative banks of Bihar will increase the number of 10,000 farmers every year for the next 3 years.
Also read: Coffee Farming Tips: Start coffee farming once, you will keep earning profits while sitting.
