Kisan Credit Card: The period of interest waiver is unlikely to go forward any more as the lockdown is over. Agricultural activities have also come on track. So get the money deposited on time
new Delhi. This news is for the holders of KCC-Kisan Credit Card. If they do not return the money taken on KCC to the bank within 20 days, they will be very expensive. 7 percent interest will be paid instead of 4. The government has given permission to deposit the money till August 31 on the loan of farm and farmer. Within this, farmers will be charged only 4% interest on depositing money. Whereas later it will increase by 3 percent.
Normally, loans taken on KCC have to be repaid by 31 March. After that the farmer can again take money for the next year. Farmers who are sensible take advantage of interest rebate by depositing money on time. After two to four days, we withdraw money again. In this way, their record in the bank is also correct and there is no shortage of money for farming. There is little chance of getting any more discounts as the lockdown is over. Agricultural activities have also come on track.
In view of the lockdown, the Modi government extended it from 31 March to 31 May. Later it was further increased to 31 August. This means that farmers can pay the interest of KCC card at the old rate of only 4 percent per year till 31 August. Later it will be expensive.
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How does KCC lose interest?
The interest rate of loans up to three lakh rupees taken on KCC for farming and farming is 9 percent. But the government gives 2 percent subsidy in it. In this way it falls to 7 per cent. But on return on time, you get 3% more discount. In this way, its rate is only 4 percent for the aware farmers.
Usually banks inform farmers and ask them to repay the loan by 31 March. If by that time you do not pay the loan to the bank, then they have to pay 7 percent interest.
2.5 crore and plan to give loans to farmers
There is a gap of around 2.5 crore people between the beneficiaries of PM Kisan Samman Nidhi Scheme and the Kisan Credit Card Scheme. The government has started preparing for making KCC available to these farmers.
According to Union Minister of State for Agriculture Kailash Chaudhary, “easy and concessional credit of Rs 2 lakh crore will be provided to 25 million farmers”. It is the effort of the government that no farmer should take loan from moneylenders because his rate of interest is very high and the farmer is not able to get out of the vicious cycle of this loan. While taking a government loan, only 4 percent interest is charged annually, which is the lowest rate on any loan in the country. Currently there are about eight crore KCC holders.
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