Around 60% of the total population of India are dependent on agriculture for their mere subsistence but sadly 5 out of 6 farmers are drowned in neck deep debts. Lack of reliable financial assistance often compel these farmers to avail loans from informal money lenders who demand either collateral or exorbitant interest rates. The Indian government aims to fix this plight of farmers via credit facilities such as Kisan Credit Card scheme. This scheme provides the farmers with credit at a subsidised rate of interest to fulfil their agricultural needs.
Kisan Credit Card is offered to those people who are either farmers or are associated with farming activities.
Read more: Save Yourself From Credit Card Debt
Since it is a single card with a number of benefits, the Bihar state government has set some criteria to make sure they use credit cards wisely and know how to operate it to meet their required expenditures with this formal financial assistance.
There are certain factors that one needs to keep in mind before learning how to apply Kisan credit card loan in Bihar. This includes eligibility criteria, features and benefits, scopes of Kisan Credit Card loan and the sum of loan offered.
Detailed account of the eligibility criteria required:
- To avail this credit card, applicant has to be a tenant farmer, sharecropper or an oral lessee.
- Have to be an owner-cultivator who is a joint borrower.
- Should be a part of the self-help or joint liability group, which includes tenants, oral lessees, farmers, sharecroppers, etc.
- He should be within 18 – 75 years of age.
- If the borrower is above 60 years old, a joint borrower who is less than 60 years of age is required. The joint borrower has to be a legal heir of the actual borrower.
Documents required for applying for kisan credit card loan:
To know how to apply Kisan credit card in Bihar, the candidate has to procure specific documents to the lender. The documents are –
- Correctly filled application form.
- Address proof that includes Voter ID card/ Aadhaar card/Passport/Driving License etc.
- Identity proof that includes Voter ID card/ Aadhaar Card/ PAN card/ Passport etc.
- Land ownership documents.
Steps to apply for Kisan credit card
The steps mentioned underneath simplifies the usual cumbersome process of availing a credit card loan.
- You have to visit your preferred lender’s official website.
- Look thoroughly in their provided credit card list and select “Kisan Credit Card.”
- Fill up the required columns with your necessary details and apply for your Kisan Credit Card by clicking on “Submit.”
- Note down the message bearing your reference number, flashed on your screen. Wait till the financial institute initiates your application process.
Availing a credit card loan via this scheme is a boon in disguise for the farmers. Low interest rates on the offered credit is the most vital objective of this scheme to help farmers financially with the least burden. Along with smooth application process, this scheme also enables availability of funds for any agriculture related expenses. All these benefits are attainable by a candidate only if he/she is qualified under the eligibility criteria offered by the government on this card.
However, if the applicant has a functioning credit history and score above 750, he/she can also apply for a Bajaj Finserv RBL Bank Super Card with lucrative benefits on the credit card. The Super Card helps the farmers by equipping them with financial assistance to meet their requirements using a single card.
Bajaj Finserv also provides pre-approved offers on credit cards that save your time with its swift processing methods. These offers are applicable on several other financial products like personal loans, business loans, home loans. Dig into these benefits and check your pre-approved offer by just entering your name and contact details.
Every business, small or big, requires credit to fulfil its requirements, and farming is no different. Farmers mostly need agricultural finance to purchase the likes of fertilisers, seeds, etc. to increase the productivity of their land. Instead of availing loan from local or informal money lending sources with high interest rate, it is advisable for the farmers to opt for loan Kisan credit card loan and avail credit to fulfil their trade related expenditures.
It is vital even for a farmer availing this scheme to know how to use a credit card wisely. For more financial assistance, any such individual with a functioning credit history and credit score above 750 can opt for leading credit cards available in the market.