Launched by the Government of India, the KCC initiative has been a great success among farmers of the country. With an overwhelming number of applications flooding the financial institutions, the government has directed them to approve all eligible farmers within 2 weeks of their application. Additionally, according to recent reports, there are already around 6.95 crores active KCC cardholders. Broadening the scope of this scheme, around 8,400 fishermen have also been approved of this loan scheme.
With numerous beneficiaries availing the Kisan credit card, it is important for interested farmers to know of the application procedure. Furthermore, it is also crucial to be clear on the numerous eligibility criteria and document requirements for a successful application.
Eligibility criteria for KCC
The eligibility criteria for KCC are distinctly different from that of conventional feature-rich credit cards like the Bajaj Finserv RBL Bank SuperCard and its likes. Interested farmers should check this list provided underneath.
- Applicants must be between 18 and 75 years of age. In case they are above 60 years of age, a co-applicant is mandatory, otherwise, you can’t apply for it.
- Any individual farmer who owns the land and cultivates it himself/herself.
- Joint landholders and cultivators, shared liability groups, etc. can also apply for this scheme.
- Additionally, sharecroppers and tenant farmers can also avail of the Kisan credit card.
- Along with farmers, many other types of professionals are also eligible for this scheme, including fishermen, poultry farm owners, cattle breeders, dairy farmers, etc.
Documents required for KCC
Most credit card providers require numerous documents which include income-related documents as well as tax return details. In the case of KCC, this requirement is much less.
- Filled in the application form for KCC loans.
- KYC documents of the applicant. This includes both government-issued identity proof as well as address proof.
- Passport-sized photograph of the farmer.
- Land related documents.
How to apply for a KCC?
While farmers can learn how to apply for a credit card online, in the case of KCC the steps are a little lengthier.
- Interested farmers should visit the official web portal of the financial institution they have chosen to avail of a Kisan Credit Card.
- Some financial institutions require applicants to create their profile before they can continue with the application process. In others, personal profiles for the applicants are created directly after completion of the application procedure.
- Numerous credit cards are offered by different financial institutions. The applicant must choose the option of KCC.
- Once redirected to the online application page, applicants must fill the given form.
- Before submission, all details should be double-checked.
- After submission, a reference number will be generated from the web site. This number should be preserved by the applicant for future reference. So write down it.
Once the application is approved, farmers must visit a branch of their financial institution and submit all the relevant documents. There are numerous reasons why a credit card application can be rejected and KCC is no different. Applicants should regularly check their application status online with the help of their reference number.
While KCC offers numerous benefits for the farmers, it has a few shortcomings too. The credit amount offered as well as the users are limited. Farmers who may require higher credit amounts should consider opting for the different types of credit cards offered by numerous financial institutions. Depending on the card, these generally have a much higher credit limit than Kisan credit cards.
Unlike feature credit cards like the Bajaj Finserv RBL Bank SuperCard and others, KCC has a lengthy document requirement. Applicants must provide their identity proof, address proof, a passport-sized photograph, and land-related documents along with a filled-in application form. In the case of usual credit cards, customers must also provide documents showing their income as well as tax returns. A few financial institutions also require the details of financial accounts.
Reputed financial institutions like Bajaj Finserv provide pre-approved offers on these financial products which make availing them very easy and prompt. Such offers are provided on various financial products like credit cards, personal loans, business loans, etc. You can check your pre-approved offer by providing personal information including name and phone number.
These credit cards require KYC and income-related documents along with financial account statements. Any farmer applying for a credit card should learn how to use a credit card wisely so that they can maximize the benefits which are offered.