PM-Kisan Samman Nidhi Credit Card is a new initiative under the PM-Kisan scheme that aims to provide easy access to credit for farmers. Under this scheme, eligible farmers can avail of credit facilities up to Rs. 1.60 lakh at a subsidized interest rate of 4% per annum. Here’s what you need to know about PM-Kisan Samman Nidhi Credit Card:
Eligibility: Farmers who are registered under the PM-Kisan scheme and have received at least one installment of Rs. 2000 are eligible to apply for the PM-Kisan Samman Nidhi Credit Card.
Benefits: The PM-Kisan Samman Nidhi Credit Card offers several benefits to farmers, including easy access to credit, a lower interest rate, and a grace period of up to three years for repayment.
Application process: Farmers can apply for the PM-Kisan Samman Nidhi Credit Card through their nearest bank branch or Common Service Center (CSC). The application process is simple and requires the farmer to submit a few basic documents such as Aadhaar card, PM-Kisan registration certificate, and land ownership papers.
Credit limit: The credit limit under the PM-Kisan Samman Nidhi Credit Card scheme is based on the farmer’s landholding, crop pattern, and repayment capacity. The maximum credit limit is Rs. 1.60 lakh.
Repayment: Farmers can repay the loan in easy installments over a period of three years. There is also a provision for a moratorium period of up to three years for repayment.
Interest rate: The PM-Kisan Samman Nidhi Credit Card offers credit at a subsidized interest rate of 4% per annum.
In conclusion, the PM-Kisan Samman Nidhi Credit Card is a beneficial scheme for farmers who require credit for farming-related activities. The scheme provides easy access to credit, a lower interest rate, and a grace period for repayment. Eligible farmers can apply for the PM-Kisan Samman Nidhi Credit Card through their nearest bank branch or CSC, and the credit limit is based on their landholding and repayment capacity.