Kisan Credit Card: Government Announces Big Relief Measure for 7 Core KCC Holder Farmers; Know Details

Amid nationwide lockdown 2.0, the central government has announced big news for farmers and to 7 crore Kisan Credit Card holders. As per reports, the Modi government has extended the debt payment up to two months on the Kisan Credit Card, giving a big relief to the farmers keeping in mind the current crisis. Moreover, the last date for payment of all short-term crop loans that taken from banks has been extended from 31 March to 31 May. Now farmers can repay their crop loans till 31^st May with 4% interest.  

Farmers need to pay only 4% Interest Rate 

As per reports, the Union Agriculture and Farmers Welfare Minister Narendra Singh Tomar thanked Prime Minister Narendra Modi and Finance Minister Nirmala Sitharaman for the initiatives that has been taken for farmers amid this nationwide lockdown. In such a situation, many farmers are not able to go to bank branches to pay their outstanding debts. The lockdown is causing difficulty in timely sale and payment of agricultural products. Moreover, farmers have to pay 4% interest rate for repayment of Kisan Credit Card till 31^st May.  

Govt is giving 5% Subsidy on KCC Interest Rate 

As per reports, the interest rate of loans up to Rs 3 lakh on KCC for agriculture is 9%, but the government gives a subsidy of 2% in it. However, If the farmer returns the loan on time, he gets 3% more discount.  

KCC to 9 Core PM KISAN Beneficiary  
Moreover, a loan of up to three lakh rupees can be taken through the Kisan Credit Card. Not only this, loans up to Rs 1 lakh 60 thousand can be availed at any time without any guarantee. It is worth noting that the government has now announced the facility of Kisan Credit Card to all 9 crore farmers who are taking benefit of the PM Kisan Samman Nidhi Yojana. 

Exempted These Services from Lockdown Rule 

According to the Agriculture Minister, due to the lockdown, there has already been exemption in the purchase of agricultural products, mandis, fertilizer shops, farm and farm workers, etc. Inter-state movement of equipment used in harvesting and sowing and horticulture has also been exempted.