Krishi VaartaFinancial Express
KCC Alert! If you have taken loan on Kisan Credit Card, clear that, otherwise you have to pay 3% more interest
If you have taken out a loan through Kisan Credit Card, then this news is very important for you. 31 August is very important for kisan card holders. If you have taken a loan on KCC, then definitely return it by 31 August. If you do not do this, you will not get the benefit of interest rebate and instead of 4 percent, you will have to pay 7 percent interest.
Government gives an additional 3% interest rebate to those who have returned the loan amount taken from the Kisan Credit Card. But if you do not do this, you do not get this benefit. Due to Covid 19 in the past, the government had extended the deadline for repayment of loan from 31 March to 31 August.
Through the Kisan Credit Card, farmers can take a short-term loan of up to Rs 3 lakh in 5 years. Although the loan is available at the rate of 9 percent, the government gives a subsidy of 2 percent on it. In this sense, it was 7 percent. On the other hand, if the farmer returns this loan on time, then he gets a further rebate of 3 percent. On this condition, the farmer has to pay only 4 percent interest on the loan.
Money has to be returned by 31 March
Normally, loans taken on KCC have to be repaid by 31 March. But in view of the lockdown, the government first extended this date to 31 May, which was then increased to 31 August 2020. Now this time limit is also approaching. If the farmers do not return the money by this time, then they will have to fill the loan at 7% interest.
Source: Financial express, 21 july 2020,
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