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How is KCC limit calculated?
The credit limit under the Kisan Credit Card may be fixed as under : The short term loan limit arrived for the 5th year plus the estimated long term loan requirement will be the Maximum Permissible Limit (MPL) and is to be treated as the Kisan Credit Card limit.
What is the interest rate of KCC?
4\%
KCC Scheme Details Kisan Credit Card was introduced in 1998 to provide quick credit to farmers for purchasing seeds, fertilizers, agricultural machinery, etc. The initial tenure of KCC is 5 years. The interest rate on Kisan Credit Card starts from 2\% and may go upto 4\%.
How much is a crop loan per acre?
DBT will be given at the rate of Rs 4,000 per acre per season for cropping while zero interest loan will be at the rate of Rs 50,000 per hectare to be capped at Rs 1 lakh per farmer, sources told BusinessToday.In. The crop loan is already offered to farmers at a subsidised rate of 4 per cent only.
Do you have to pay credit cards after death?
After someone has passed, their estate is responsible for paying off any debts owed, including those from credit cards. Relatives typically aren’t responsible for using their own money to pay off credit card debt after death.
How many acres of land do I need for KCC?
-Select- Irrigated land (in acres) Minimum irrigated land required for KCC is 2 acres. Maximum allowable limit is 1000 acres. Unirrigated land (in acres) The value entered must be a number that is greater than or equal to 0 and less than or equal to 1000.
What is the KCC limit for short term credit?
The short term component of the KCC limit is in the nature of revolving cash credit facility. There should be no restriction in number of debits and credits. However, each installment of the drawable limit drawn in a particular year will have to be repaid within 12 months.
What is the Kisan Credit Card (KCC) loan?
KCC is a type of crop loan that banks offer. However, the KCC loan can be used for a number of other purposes and not just to meet working capital requirements. What is the validity period of the Kisan Credit Card? This validity period is 5 years.
What is the interest rate for KCC loan?
The interest rates for KCC is between 2\%-4\%. This low interest rate helps farmers in repaying loans better, of course taking into account the harvesting period of the crop and the date at which the loan was granted. Find more information about the latest Government Schemes, visit the linked article.