Many schemes have been started by the Central government to help the farmers of our country in the last few years. One of such beneficial schemes is Kisan Credit Card (KCC). In this scheme, loans are given to farmers through KCC without any guarantee. Farmers can avail agricultural loans up to Rs 5 lakh in 3 years. Under KCC, the interest rate has been fixed at 4% per annum.
KCC Scheme Benefits the Fisheries Sector:
Not only the farmers but now even the fishermen from villages in the coastal belt of Uttan near Bhayandar have finally started becoming beneficiaries of financial assistance in the form of affordable loans through the Kisan Credit Card scheme.
Last week around seven fishing boat owners from the region fared in the first batch of beneficiaries. The government had extended KCC scheme to the fisheries sector, so as to help fishermen to meet up their short-term working capital requirements.
As per sources, a large section of fishermen secures loans from local moneylenders. They not only charge an exorbitant amount of interest but also force them to sign undertakings pledging to sell their entire catch to a particular trader at lower than market rates.
According to a fishing community leader- Bernard D’mello, “KCC scheme will free small farmers from the clutches of money lenders and loan sharks. However, branches of banks in rural and coastal areas should be tasked with providing the KCC benefits to fishermen in accordance with government guidelines. Several banks are very rigid when it comes to giving KCC for fishermen.”
Understanding the KCC scheme for fishermen:
Under the scheme, fishermen can take concessional credit limits for working capital, fuel, ice, repairing boats & purchasing fishing nets. The 5-year revolving cash credit limit scheme will attract 7 percent interest with a subvention interest of 2 percent per annum in case of timely repayment.
The quaint fishing village’s which includes Uttan, Pali, and Chowk and Manori is home to more than 750 fishing boats in the region.
The KCC will help fishermen to expand their business with better cash flow and credibility. Banks will also periodically review the account to decide the future course of action which will include continual, withdrawal, or scaling down the facility based on the performance of the borrower.
How to Apply for Kisan Credit Card Now:
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First, go to the official website of PM Kisan Yojana
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Now download the Kisan Credit Card (KCC) form.
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Fill all the important information in the form (land, crop details, etc).
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After that, deposit the KCC form in your nearest bank branch.
