Union Kisan Credit Card – Good News! Farmers are getting loans up to Rs 1,60,000, no need to go to bank, no need to submit any documents.Union Kisan Credit Card

Union Kisan Credit Card – With the aim of encouraging farmers in agriculture in the country and increasing their income, Union Bank is providing the facility of Kisan Credit Card to meet the short term loan requirements for crop cultivation.

Kisan Credit Card has been started by the Central Government to provide loan assistance to the farmers of the country for their farming and other related needs from the banking system with flexible and simplified process. Through Kisan Credit Card, the bank provides a maximum loan of up to Rs 1,60,000 to farmers for farming without any security.

In such a situation, how will the farmers who want to take loan for their farming under Union Kisan Credit Card be able to apply for the loan? What is Union Kisan Credit Card? You will be able to know complete information related to credit card features, eligibility, required documents and application process through our article, for which you must read the article completely.

Union Kisan Credit Card 2024

Union Bank is providing credit cards to the farmers for their convenience and necessary equipment related to farming. Under this credit card, facilities like post-harvest expenses, short term loan for crop cultivation, produce marketing loan, working capital for maintenance of agricultural assets and other related activities etc. are included. Through Union Kisan Credit Card, farmers can get a loan of up to Rs 1,60,000 for farming related needs without submitting any documents.

The interest rate offered for Kisan Credit Card will be linked to the base rate of the bank. The interest rate may vary depending on any subsidy given by the Central Government for any component of the Swadhi Loan. The repayment period may be determined according to the anticipated harvesting and marketing period for the crops for which loan is provided under the scheme.

Union Kisan Credit Card Eligibility

For Union Kisan Credit Card, the applicant must fulfill its prescribed eligibility. Information about all such eligibility criteria is given below, only after completing which you will be able to get benefits.

Farmers will be eligible to apply for Kisan Credit Card as a single applicant or joint applicant, co-applicants can be other owners and farmers.
Tenants, oral lessees and sharecroppers and farmers cultivating land taken on lease along with their own land will currently be able to apply for Kisan Credit Card.
Farmers’ JLGs and SHGs, including sharecroppers, tenant farmers, etc., can apply for Union Bank Credit Card.

Documents required for credit card

The finance scale can be fixed by the bank for the first year and can be increased every year. Necessary documents will be entered by the bank only for the maximum loan limit. So that no document is required at the time of validity of the account.

Let us tell you that the validity of Kisan Credit Card is five years and cardholders may have to submit a letter to renew their account before the expiry of the legal three years.

Loan Margin

No separate margin is given on crop loans taken under Union Bank Kisan Credit Card. Term Loan applies a loan margin of 0% for loan amount up to Rs 1 lakh and 15% loan margin for loan amount above Rs 1 lakh.

Security Collateral

For loans up to Rs 1 lakh from the bank, hypothecation of home loan is required, along with this, land mortgage and/or third party guarantee can also be sought. Where there is a facility to create online charge on land records, borrowers can use this as security for the loan.

Union Bank Kisan Credit Card holders can also avail the benefits of obtaining Compulsory Crop Insurance, Accident Insurance and Property Insurance. Processing fee is not charged for Kisan Credit Card limit up to Rs 3 lakh.

Union Kisan Credit Card Fees & Charges

payment Amount	Rs 1,60,000
Primary Security	Hypothecation of proposed/hard crops
Collateral Security	nil
Guarantee	nil
Rate of interest	As per prevailing interest rate/guidelines
processing fee	nil
Documentation Fee	nil
facility fee	Rs.500 + GST for each successful disbursement case (will be recovered from KCC loan account)

Union Kisan Credit Card Application Process

To avail loan facility under Kisan Credit Card from Union Bank, applicants should follow the steps mentioned here.

For this, first of all you visit the official website of the bank.
Now at the bottom of the home page you have to click on the option of Apply for Loan.
After this you click on the option of Apply Now.
Now if you are applying for the loan yourself then click on the option of Self Service.
After this, read the information related to the loan and click on the option of Accept.
After this, in the new page, if you are an existing customer in the bank then click on the option of Yes, if not then click on No.
Now you have to enter any of the asked information like your customer ID / Aadhaar number / account number.
Similarly, you will have to fill other information correctly like land verification, crop selection, sanction, E-Sign, disbursement etc.
After filling all the information, the estimated loan amount will appear on your screen.
Now select the option of Digital to execute your loan agreement.
Now agree to the agreement, read the E-Sign consent and scroll down and click on OTP Based E-Sign and submit.
After this, enter Aadhaar number and Aadhaar OTP which will be received on your registered mobile and click on submit.
Now download the digitally signed security document by clicking on the PDF icon.
Now open the loan account by clicking on the submit button, here you can check the loan account details.
In this way the process of applying for loan from your Kisan Credit Card will be completed.

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