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PM Kisan: Farmers Can Get Cheap Loans through Kisan Credit Card; Know How to Apply & Documents Required

PM Kisan credit card gives better opportunity to farmers for paying back money.

Shipra Singh

People who have registered for PM Kisan Samman Nidhi Scheme can easily get Kisan credit card in three easy steps. It has become easier for farmers to take loan for agricultural activities. There is no processing fee for this credit card. Interest rate is low too. So, it is time for farmers to stop chasing money lenders and take loan directly from the government.  

The government can also extend the payment date during crisis. Money lenders usually don’t do this. The government has been extending the date continuously since the last year when pandemic started.

Farmers get relief from the government during Corona Era:

Usually, farmers must return agri loan by March 31 every year. If not, they would have to pay 7% interest. Modi government had extended this date to May 31 due to the Covid-19 lockdown last year. Then, the government, once again, extended it to August 31. This year, too, the government has extended the date to June 30.

Another good thing is that farmers can pay their dues by the extended date at the same rate (4%). This is not possible when you take money from local money lenders. First, they do not extend the date of payment. Second, even if they do extend, they double the rate.

Farmers who are interested in applying for Kisan credit card can easily download form online. The objective of the government is to provide relief to farmers in paying back the owed money. That’s why the government has linked PM Kisan Samman Nidhi Scheme with Kisan credit card.

Here are a few simple steps to apply for Kisan credit card:

Steps to apply for Kisan Credit Card:

• Download form from the website pmkisan.gov.in.
• Print it and fill it.
• Submit it to your nearest bank branch.
• This form will help you extend the payment date and apply for new credit card.
• Fill the PM Kisan scheme bank account in the form.
• The bank will merge your scheme’s KYC with this form. You do not need another KYC.
• The bank will create your card 15 days after depositing the filled form.
• In case you do not receive Kisan credit card within 15 days of submitting the form, please complain to the RBI, Agriculture Ministry, and Finance Ministry.

Essential documents required for Kisan Credit Card:

• Proof that you are a farmer. Submit your regional record or land documents.
• Your Aadhar card or Pan Card
• Your photos.
• An affidavit that you have no pending dues from the bank.

So, if you are farmer, what’s stopping you from reaping the benefits of PM Kisan scheme and Kisan credit card?

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