| The Lakshmi Kisan Credit card is a unique product specially designed for agriculturist. The limits sanctioned under this product can be operated as a revolving credit. It is intended to meet out the the short term credit (Crop loan) requirements including purchase of inputs such as seeds, fertilizers, pesticides etc., relating to short duration / annual crops, maintenance expenses for biennial / perennial crops. In addition farm maintenance expenditure and non-farm credit needs and unforeseen house hold expenses of the farmers can also be met. The Lakshmi Kisan Credit Card scheme is being launched from January 16, 2002.
|
|
|
|
- It is a revolving cash credit
- Limit is sanctioned for meeting out cultivation expenses of short duration/ annual crops
- Interest is paid a credit balances maintained in the account.
- Assured credit facility for 3 years
- Flexible repayment terms
- Maximum limit is Rs.10 Lakhs
- Cheque book facility for limits of Rs 50000/- and above
|
|
|
|
|
|
|
|
|
- For limits of up to Rs.50,000/- :
PLR - 2.50 % (PER: 10% )
- For limits of above Rs.50,000/- and up to Rs 2 lakhs :
PLR - 2.0% (PER: 10.5% )
- For limits of above Rs 2 lakhs and up to Rs 10 lakhs :
PLR - 1.5% (PER: 11.0% )
|
|
|
|
- The Lakshmi Kisan Credit Card will be valid for 3 years, subject to an annual review of the revolving cash credit limit granted there under depending upon the performance of the borrower.
- The aggregate credits into the account during the twelve month period should at least be equal to the maximum outstanding in the account.
- The withdrawal from the account can be made while the outstanding is less than 12 months.
|
|
|
|
- Crops: Crops for which the limit is sanctioned will be insured under the National Agricultural Insurance Scheme if such crops are notified under the scheme.
- Borrower: Borrowers are to be covered by Personal Accident Insurance Coverage to the extent of Rs.50,000/-, with the premium cost shared by the borrower and bank in 1: 2 ratio.
|
