Asked by: Chunling Shang
personal finance student financial aid

What is the process of KCC loan?

Last Updated: 29th June, 2020

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KCC stand for Kishan Credit Card. KCC isnot a loan. It is a cash credit facility which is sanctionedto farmer for farming. When crop season starts, farmer can availthe credit up to sanctioned limit for purchase of seeds, manures,pesticides, payment of laboure and for sowing work in thefield.

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Also to know is, what is the procedure of KCC loan?

Kisan Credit Card (KCC) is an initiative by theGovernment of India to ensure that farmers of the country haveaccess to credit at an affordable rate. This scheme was launched inAugust 1998 based on the recommendations of a special committeeformed for inputs on loans and agriculturalwelfare.

Additionally, what is KCC account? The Kisan Credit Card (KCC) scheme is a creditscheme introduced in August 1998 by Indian banks. This model schemewas prepared by the National Bank for Agriculture and RuralDevelopment (NABARD) on the recommendations of R.V.GUPTA committeeto provide term loans and agricultural needs.

Just so, what is the interest rate of KCC loan?

As per the official SBI website, features and benefitsof KCC include: - SBI offers interest at saving bankrate on credit balance in the KCC account. - AKCC holder also gets a free ATM-cum-debit card. - SBI isproviding interest subvention at 2 per cent per annum forloan amount up to Rs 3 Lakh.

What is KCC limit?

A flexible limit of Rs.10,000 to Rs.50,000 beprovided (as Flexi KCC) based on the land holding and cropsgrown including post harvest warehouse storage related credit needsand other farm expenses, consumption needs, etc., plus small termloan investments like purchase of farm equipments, establishingmini dairy/

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Which bank is best for agriculture loan?

Today in this article we will be discussing top 7 banksthat provide a loan to the farmers.
  • State Bank of India (SBI) State Bank of India (SBI) is thepioneer and market leader in Agri financing.
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What are the documents required for crop loan?

Be ready with following documents while opening thisaccount
  • Duly filled in application form.
  • Identity proof- Voter ID card/PAN card/Passport/ Aadhaarcard,/Driving License etc.
  • Address proof: Voter ID card/Passport/Aadhaar card/Drivinglicense etc.
  • Land ownership records.
  • Records of crops grown.

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What is KCC in SBI?

State Bank of India has come up with a creditcard that can be offered to farmers. This credit card is known asSBI Kisan Credit Card and it has been customized for thefarmers so that they can meet their credit requirement for variouspurposes like agricultural activities, crop production, emergencyexpenses etc.

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How can I apply for Kisan Loan?

Documents Required To Apply For Kisan CreditCards
  1. Duly filled-in and signed-in application form.
  2. Copy of identity proof such as Aadhaar card, PAN card, VoterID, driving license, etc.
  3. Copy of address proof document such as Aadhaar card, PAN card,Voter ID, driving license.
  4. Land documents.

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What is KCC renewal?

Timely renewal makes farmers eligible for anautomatic increase of 10% in their KCC loan limits.Therefore, it is in the interest of the farmers to renew theKCC accounts and avail fresh loans to get all above benefitsavailable under the scheme and also meet expenditure of theirkharif crops.

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What is agricultural loan?

An agriculture loan is an overdraft facilitywhich could be used to meet the cost of farming, cultivationand working capital activities for agri-business and associatedactivities. Agriculture loans are generally low interestloans that farmers can avail to run their farmingbusiness more efficiently.

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What is a KCC number?

A Kisan Credit Card (KCC) is a credit deliverymechanism that is aimed at enabling farmers to have quick andtimely access to affordable credit. It was launched in 1998 by theReserve Bank of India and NABARD.

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What is the interest rate for agriculture loan in SBI?

The ICICI Bank agriculture loan interest ratesfor KCC range from 8.9% to 12% in which the mean interestrate remains at 11.93%. Agri term loan interest ratesrange from 8.9% to 14% in which the mean agriculture loaninterest rate remains 13.28%.

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What is scale of finance in KCC?

Scale of Finance (SOF)
Scale of finance is the finance requiredfor raising a crop per unit cultivated area, i.e. acre or hectare.The scale of finance for different crops in a district isdecided every year by District Level Technical Committee(DLTC).

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Can we take loan on agricultural land?

Loan Against Agricultural Land isspecially designed for people who cultivate crops like farmers,planters, or Horticulturists. It cannot be availed by a businessmanor a professional. Usually, the farmer does not have to furnishIncome Tax Returns to apply for this type ofloan.

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Which bank is best for education loan?

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What is the meaning of interest subvention?

"Interest subvention" simply means asubsidy offered on interest rates. In the context of India,interest subvention is mostly in the matter of governmentlending schemes to promote a particular industry sector. Thesubsidy helps the loan borrower in not having to pay the totalinterest amount on a loan amount.

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Who is eligible for Kisan Credit Card?

Kisan Credit Card Documents Required
The applicants will have to submit the followingdocuments at the time of applying for a Kisan Credit Card(KCC): Identity proof such as PAN card, Voter ID, DrivingLicense, Passport, etc.

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What is cash credit?

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How do you calculate interest subvention on a crop loan?

"This interest subvention of 2 per cent will becalculated on the crop loan amount from the date ofits disbursement/drawal up to the date of actual repayment of thecrop loan by the farmer or up to the due date of theloan fixed by the banks whichever is earlier, subject to amaximum period of one year," it said in a

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What is Krishi loan?

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What is the meaning of term loan?

A term loan is a monetary loan that isrepaid in regular payments over a set period of time. Termloans usually last between one and ten years, but may last aslong as 30 years in some cases. A term loan usually involvesan unfixed interest rate that will add additional balance to berepaid.

Nedko Krauthausen

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How do I check my KCC account balance?

You must have registered your number.
  1. You can call 1800 419 5959 to check your account balance.
  2. You can call 1800 419 6969 to check the mini statement.
  3. You can call 08048336262 to recharge your mobileinstantly.

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What are the types of agriculture loans?

5 Types of Agriculture Loans
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