SBI Kisan Credit Card: Here’s How To Apply Online & Offline

Farmers can apply for an SBI Kisan Credit Card from the country's largest lender, the State Bank of India, to receive enough financing to cover their agricultural needs. Farmers' expenses for auxiliary operations are also addressed by SBI through a streamlined approach that allows borrowers to get loans instantly whenever they need them. According to SBI, the following are the benefits, interest rate, eligibility, and application process for the Kisan Credit Card which farmers must go through before opting for the same.

Features of SBI Kisan Credit Card

• The RKCC will function as a revolving cash credit account and if there is a credit balance in the account, it will earn interest at the savings bank rate.
• The loan can be taken out for a period of five years, with a ten percent yearly increase in the loan amount each year, subject to an annual review of the bank.
• There is a 3% interest waiver for timely borrowers up to Rs. 3.00 lacs.
• The repayment duration for the crop is determined by the crop period (Short/Long) and the crop's marketing duration.
• Personal Accident Insurance Scheme (PAIS) is available to Kisan Credit Card borrowers under the age of 70.
• The eligible crops are covered under PRADHAN MANTRI FASAL BIMA YOJNA (PMFBY).
• For a loan amount of up to Rs. 3.00 Lacs, an interest rate of 7% is charged by SBI, and for amounts above Rs. 3.00 Lacs the rate will be charged as applicable from time to time.
• SBI will also issue RuPay cards for all eligible KCC borrowers upon successful submission of their application.
• If the RuPay card is activated in 45 days, an accidental insurance of Rs.1.00 lakh is granted to Rupay Card holders.

Eligibility and collateral

Farmers are requested to meet the below-listed eligibility criteria and have a look at the collateral rules of the bank before applying for SBI Kisan Credit Card.

Eligibility

• All farmers-individuals/Joint borrowers who are owner cultivators are eligible to apply for SBI Kisan Credit Card.
• Tenant farmers, Oral lessees and Share Croppers etc can also apply.
• SHGs or Joint Liability Groups of farmers including tenant farmers, sharecroppers etc.

Security:

Primary: Hypothecation of Crop.

Collateral: Mortgage/charge over Agriculture land. (Collateral security is waived for Kisan Credit Card limit of up to Rs.1.60 lakh. And under Tie-up Kisan Credit Card limit up to Rs.3 lakhs.

How to apply?

For successful submission of the application, farmers can follow the steps listed below to apply for SBI Kisan Credit Card.

• The eligible individuals are required to click here to download the application form and fill the form completely with all the required details.
• They can then submit the Loan Application Form For Agricultural Credit for PM-KISAN Beneficiaries at their nearest SBI branch.
• At the branch, a bank official will verify the application form, and upon successful verification, the bank will issue the card on your behalf.
• For online application, individuals can also log in to their SBI YONO app and tap on 'YONO Krishi' at the bottom of the dashboard.
• They can then choose the language and tap on 'Khata', after this they are required to tap on 'Kisan Credit Card' and then 'Apply for Review'.