Central Bank of India Kisan Credit Card

1. Margin
   1. There is no margin on Central Bank of India Kisan Credit Card as it is built in the finance scale.
2. Facility
   1. The Kisan Credit Card offers Short – term revolving credit facility.
3. Primary Security
   1. Farmers have to provide the assets and crops that they create using the loan as primary security.
4. Collateral
   1. If farmers borrow up to Rs.1 Lakh, they do not have to provide a collateral. If they borrow more than Rs.1 Lakh, they have to provide a collateral.
5. No Documentation and Processing Charges
   1. The bank does not charge any documentation or processing charges on Kisan Credit Card.
6. Repayment
   1. The repayment period is based on the projected marketing and harvesting of the crop. The loan limit is valid for a period of 5 years (subject to annual review).
7. Credit LimitThe credit limit for Central Bank of India Kisan Credit Card is fixed as follows:
   1. For the first yearThe credit limit is based on the finance scale of the crop added to
      1. 10 percent of the limit for post-harvest expenses and
      2. 20 percent of the limit for maintenance and repairs and
      3. Asset Insurance, Personal Accident Insurance and Crop Insurance
   2. For the second and the subsequent yearsThe credit limit is fixed by adding 10 percent for cost escalation with the limit for the first year.

Central Bank of India Kisan Credit Card Eligibility Criteria

All the farmers, be it joint borrowers or individual farmers, who are tenants, owner cultivators, sharecroppers, oral lessees and Self Help Groups or JLG (Joint Liability Groups) of farmers are eligible to apply for Central Bank of India Kisan Credit Card.

Interest Rates on Central Bank of India Kisan Credit Card

1. The interest rate is Base Rate + 0.5 percent on Kisan Credit Card loans of up to Rs.50, 000
2. The interest rate is Base Rate + 1 percent on Kisan Credit Card loans of more than Rs.50, 000 up to Rs.5 Lakhs
3. The interest rate is Base Rate + 1.5 percent on Kisan Credit Card loans of more than Rs.5 Lakhs up to Rs.25 Lakhs
4. The interest rate is Base Rate + 2 percent on Kisan Credit Card loans of more than Rs.25 Lakhs

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