Organisation : Allahabad Bank
Facility : Akshay Krishi Kisan Credit Card Scheme
Scheme Details : https://www.allahabadbank.in/
Website : https://www.indianbank.in/
Kisan Credit Card Scheme
Objective :
A unique Scheme to provide adequate and timely credit support under a single window to the farmers for their cultivation and other needs.
Related : Allahabad Bank Mobile Banking : www.statusin.in/2287.html
Target Group :
** All Farmers – Individuals/ Joint borrowers who are owner cultivators.
** Owner cultivator cultivating leased land along with self cultivated land.
** Tenant Farmers, Oral Lessees & Share Croppers.
** SHGs or Joint Liability Groups of Farmers including tenant farmers, share croppers etc
Facility :
Crop loan Component: Cash Credit
Allied activities component: Cash Credit – Working capital for activities allied to agriculture
Term loan Component : To meet Capital requirements
Credit Limit :
Crop Loan Component :
** Crop loan limit is sanctioned for a period of 5 years, subject to renewal of the limit each year.
** The First year limit consists of Production credit + 30% for Contigency+30% for Domestic Expenses.
** The Limit for subsequent years are arrived by adding 10% of the limit towards cost escalation/ increase in Scale of Finance upto 5th year.
** Working capital for activities allied to agriculture
** 30% of the 1st year limit.
Term Loan :
** The Term loan component under the scheme is designed to meet the capital expenditure where the asset life is such that repayment is ensured within 9 years.
** Term loan limit shall be restricted to seven times of annual surplus generated from present/proposed farm operations as well as allied activities OR 50% of the value of land.
** Term Loan -Maximum limit Rs.10 lakh under Akshay Krishi Kisan Card Scheme
Margin :
For Crop loan Component: Nil
For Term Loan Limit under Akshay Krishi Kisan Credit Card scheme where the limit is arrived on the basis of 50 % of the value of land ( fixed by appropriate authority in the blocks/circles/districts of the state )- Margin-Nil
In all other cases of loan above Rs 1,00,000/- Margin-15%
Interest :
On Debit balances: On Debit balances: As applicable to agricultural advances. Interest subvention announced by Central Government and/or State Government from time to time is also available to crop loan borrowers. (click here for Rate of Interest)
On Credit Balances in AKCC a/cs : The interest as applicable to S/B account (presently 4%) shall be paid on Credit balance on daily basis.
Security :
For loans up to Rs. 1,00,000.00 – Hypothecation of crops/movable assets.
For loans above Rs. 1,00,000.00 – Hypothecation of crops/movable assets
AND
Mortgage/Charge Creation of land as per Agricultural Credit Operation Act of the states concerned
OR
Charge/lien over liquid securities in the form of Fixed Deposit/NSC/KVP etc. and gold, providing full cover to the limit granted
OR
Guarantee from two persons of adequate means and repute – acceptable to the Bank.
Insurance :
** Specified crops grown in notified areas will be covered under NCIP (National Crop Insurance Programme), Modified National Agriculture Insurance Scheme/(MNAIS)/ Weather Based Crop Insurance Scheme(WBCIS) /Coconut Palm Insurance Scheme (CPIS) as operated by concerned State Government.
** Personal Accident Insurance Scheme (PAIS) is also available.
** Optional Health Insurance for famer customers is available .