Kisan Credit Card: Interest exemption on agricultural loans has increased twice. Not likely to grow anymore. Modi government gave five months extension to farmers due to lockdown
new Delhi. This news is for farmers taking loans for farming. Such people remember on 31 August, or else you will have to pay almost double interest. Before this, you will have to arrange to return the principal and 4 percent interest on it. Even if you withdraw money after two days, but then you will get an extension till March 2021. Yes! All the farmers who have taken loans on Kisan Credit Card have to return the money to the bank in the next 10 days. If not done, you will have to pay 7 percent interest instead of 4. Almost double.
Deferment granted in lockdown
Normally, loans taken on KCC have to be repaid by 31 March. But in view of the lockdown, the Modi government increased it from 31 March to 31 May. Later it was further increased to 31 August. Now the interest exemption period is less likely to move forward because the lockdown is over. Agricultural activities have also come on track. So get the money deposited on time. On timely payment, only 4 percent per year will be paid at the old interest rate. Later it will be three percent expensive. ALSO READ:
How does KCC lose interest?
The interest rate for loans up to Rs 3 lakh taken on KCC for farming and farming is 9 percent. But the government gives a subsidy of 2% in it. In this way it falls to 7 per cent. But on return on time, you get 3% more discount. In this way, its rate is only 4 percent for the aware farmers.
Get such a Kisan Credit Card
>> First go to the official site of PM Kisan Yojana (pmkisan.gov.in). Download the Kisan Credit Card form here.
>> You have to fill this form with the documents of your arable land, details of the crop.
>> It has to be informed that you have not made any other Kisan Credit Card from any other bank or branch. Fill it and deposit it in the bank.
which documents are needed
>> ID proof like – Voter card, PAN card, Passport, Aadhaar card, Driving license. One of these will also become your address proof.
Where to get
>> Kisan Credit Card can be obtained from any cooperative bank, Regional Rural Bank. Private banks also make this card.
Source: hindi.news18.com
