Kisan Credit Card: The government is now coming up with a new portal to easily provide subsidized loans to the farmers. With its help, banks will deliver loans to the homes of farmers. This loan will be provided on KCC. Farmer loan portal will be launched today.
Finance Minister Nirmala Sitharaman and Agriculture Minister Narendra Singh Tomar will launch ‘Kisan Loan Portal’ today at 2.30 pm on September 19 to help farmers get subsidized loans under Kisan Credit Card (KCC). A manual of door-to-door KCC campaign and Weather Information Network Data System (WINDS) portal will also be launched in an event to be held at Pusa Complex.
What will be the facilities on this portal?
According to the Agriculture Ministry, the Kisan Loan digital platform provides complete information and approval of farmer data, loan allocation, interest subvention claims and scheme utilization. Along with this, banks will also be registered for agricultural loans.
Campaign will run from door to door
The government will run a door-to-door campaign to further increase the benefits of KCC. Under this, beneficiary farmers and other farmers of PM Kisan Yojana will be linked to it. Under PM Kisan Yojana, farmers are given financial assistance of Rs. 6 thousand annually. Under KCC, loan is provided at concessional rate.
What is Kisan Credit Card?
Kisan Credit Card has been started to provide loans to farmers at low rates. Under KCC, loan is provided at the rate of 3 to 4 percent. Apart from this, processing fees also have to be paid. Processing fee is not applicable on loan of Rs 50 thousand. This loan is given to farmers for purchasing agricultural equipment, farming or other farming related work.
It is noteworthy that till March 30, there are about 7.35 crore KCC accounts, whose total sanctioned limit is Rs 8.85 lakh crore. According to official data, the government has given agricultural loans worth Rs 6,573.50 crore at concessional interest rates during April-August in the current financial year.