IOB Kisan Credit Card

Kisan Credit Card Scheme aims at providing adequate and timely credit support from the banking system under a single window to the farmers for their cultivation & other needs.

Please scroll through and understand the Key aspects of the scheme given below before clicking on Accept to proceed further.

Particulars

Details

Type of Loan

KISAN CREDIT CARD (KCC)

Purpose

Short Term Crop Production

Maximum Loan Amount

Rs.1.60 lakh

Disbursement

Limit is calculated for 5 th year, However the sanctioned limit will be based on the year wise assessed limit.

Margin

NIL

Repayment

Repayment is as per anticipated harvesting and marketing period for the crops for which loan is granted.

Moratorium

NIL

Security

Hypothecation of Proposed/ Standing Crops

Rate of Interest

Loans upto Rs.1.6 Lakhs

MCLR+ 0.90% = 9.80% p.a. (at present)

Interest subvention/ prompt repayment available as per norms

Processing Charges

NIL

Documentation

The execution of documents can be done Digitally- Through Aadhar Based OTP.

Documentation Charges

NIL

Digital Convenience Fee

Nil

Annual Percentage Rate

For Loan of Rs.1,60,000 = 7.15% p.a. (at present)

Other Charges

Crop insurance charges as applicable to be paid by borrower as & when debited to the account.
Stamping charges as per State Laws.
Bank will levy penal charges on the defaulted amount calculated plus applicable GST for the period of default or at such rates as per the Banks rule in force for time to time

Cooling-off/ Lookup period

Cooling-off/ Lookup period available to farmers for pre- payment. No additional charges / pre-payment penalty, only interim period interest to be serviced.

Recovery of Bank Dues

Recovery proceedings of Bank dues shall be undertaken by Bank’s authorized officials.

I have read and understood the Key Fact Statement.