Kisan Credit Card (KCC) is an investment credit facility to meet the cultivation-related short-term credit requirements of farmers and post-harvest expenses. Besides, KCC holders can avail of a number of benefits such as Crop Insurance, Personal Accident Insurance scheme, and Health Insurance.
Using the official website, you can check whether your name is on the list of beneficiaries. You can also track the status of your application.
ICICI Bank KCC
ICICI Bank is one of the leading banks in India, with an extensive range of banking services. In addition to a wide range of consumer banking products, it also offers a number of corporate banking products. The company is a part of the ICICI group, which consists of a number of businesses, including retail banking, financial services, and insurance. Its customers include large and small business clients, individual customers, and corporate entities. The bank has more than 1,200 branches nationwide, and its headquarters are located in Mumbai. ICICI Bank also has an international presence in the UK, Singapore, Hong Kong, and Malaysia.
If you are looking for a personal loan, you can apply online with ICICI Bank. The process is simple and requires a few documents. The bank will verify the information you provide before approving your application. Once your application is approved, you can get your money in a few days. There are some essential things to keep in mind when applying for a personal loan from ICICI Bank. The first step is to fill out the form correctly. Make sure that you provide all the required details and attach all the necessary documents to your application form. You should also mention the correct amount in the state. Moreover, you should say the correct details of your income and other assets to avoid any problems in the future.
ICICI Bank KCC is a credit card for farmers which provides them with cashless and digital payments. The card is available in all the major cities in the country and is a convenient alternative to traditional cash. It is beneficial for farmers who do not have access to other forms of payment. The card has a validity of 5 years and comes with various benefits and features. For example, it is free of charge for the first year, and a renewal fee of Rs. 1000 is applicable for subsequent years. In addition, the bank charges a legal fee of Rs. 2,500 and a valuation fee for land/property valuation, if needed. The card can be used to pay bills, purchase goods, and even for cash withdrawals.
ICICI Bank Agri TL
Agri TL Loan Mafi is an affordable credit scheme that offers a quick and hassle-free way to meet your agricultural needs. The loans are available at a low-interest rate, and the repayment period is flexible. You can repay the loan in monthly, half-yearly or yearly instalments as per your convenience. You can also get additional benefits by registering with the scheme. For example, you can earn rewards for making repayments on time and get an additional loan limit.
ICICI Bank offers financing options designed to meet the specific requirements of different stakeholders in the agri supply chain. These include farmers, agri traders and processors, and aggregators. The bank also offers agri-based corporate finance schemes that provide stable cash flow. Moreover, it provides tractor loans to individuals who are involved in agriculture.
The Kisan Credit Card (KCC) Scheme is a unique and innovative credit delivery mechanism that addresses the production and investment credit needs of the bank’s farmer clients. It enables the bank to provide credit assistance for raising various crops under a single window and offers an all-in-one solution for animal husbandry and fishery. It also covers the post-harvest expenses and working capital requirements of farmers.
To be eligible for a KCC, the borrower must own an agricultural land. He or she must also be actively engaged in the cultivation of crop, allied activities and related expenses. Additionally, the borrower must be an individual or joint holder of a bank account and a member of an SHG.
The limit on the Kisan Credit Card is determined by the following formula: Scale of Finance (SOF) x area cultivated + 10% of limit towards post-harvest/ household/consumption requirement and 20% of limit towards repairs and maintenance expenses of farm assets. Additionally, borrowers are eligible for crop insurance and accidental insurance, including PAIS, health insurance, and asset insurance.
The interest rate on the KCC is linked to MCLR but may vary depending on government support and other factors. For example, if the government provides an interest subvention on the SOF component of the limit, then it will be reduced accordingly.
ICICI Bank Term Loan
ICICI Bank offers a variety of term loan financing options that provide medium to long-term funding. These loans are designed for small businesses and can be used to purchase assets, fund expansions, or acquire competitors. They also offer competitive interest rates and flexible terms. ICICI Bank also provides online application, processing, and disbursement.
The ICICI Bank Insta Secured Overdraft facility is a pre-approved overdraft facility for merchants. The lender claims to offer this OD facility with minimal documentation and instant sanction, while avoiding prepayment and foreclosure charges. The facility is provided through a business portal and can be availed by sole proprietorship firms, partnership firms, and private limited companies. It can be secured with residential, commercial, or industrial properties and liquid securities.
Another ICICI Bank loan product is the Insta Business Loan, which caters to the working capital finance requirement of business entities involved in the manufacturing, trade, and services sectors. The company has simple assessment norms for this business loan and provides instant credit approval based on GST returns. Its credit limit can be up to Rs 2 crore, and the collateral accepted for this credit line includes industrial or commercial properties, residential property, or liquid securities.
ICICI Bank also offers an unsecured Term Loan for CGTMSEs that is assessed on the basis of future cash flows, besides the company’s credit history. This business loan is available for up to Rs 2 crore, and the company can choose a tenure from 1 year to 7 years.
Lastly, the ICICI Bank Term Loan for SMEs is a business loan product that is intended for small and mid-sized enterprises. It is offered to both incorporated and unincorporated businesses, and it has a credit limit of up to Rs 2 crore. The loan can be secured with residential, commercial, or industrial property, and the interest rate depends on the underlying collateral and the SIC code of the company.
ICICI Bank also offers an unsecured personal loan for professionals, business owners, and self-employed individuals who want to meet their financial needs. This loan is suitable for a wide range of purposes, including home improvement projects, debt consolidation, and wedding expenses. This loan is available in the form of a revolving credit line and offers flexible repayment options.
ICICI Bank Loan Waiver
ICICI Bank offers KCC loan for farmers to make agriculture more productive. This loan helps the farmers to buy new farm equipment and also to improve their existing cultivation. It also provides interest subvention and prompt repayment incentive benefit. The bank has set up a dedicated team to monitor the loan and ensure that farmers don’t fall into trouble. The ICICI bank also provides a free crop insurance policy with this loan. This insurance cover is essential for the kcc loans.
The amount of loan is fixed by the bank based on the unit cost of the proposed farm equipment and allied agricultural activities and its judgment of the farmer’s repayment capacity vis-a-vis total loan burden devolving upon him/her including existing loans. The bank may extend the loan limit for investment towards land development, minor irrigation, purchase of farm equipment and also to meet other requirements.
Unless otherwise agreed to in writing, the Borrower/s shall repay or pay the Instalments and other monies due under this Facility by using the methods for payment selected by them in their Application Form – post dated cheques (“PDC method”) / Electronic Clearing System as notified by RBI (“ECS method”) / direct debit from the Borrower’s account with ICICI Bank (“Direct Debit method”) / deduction from the Borrower/s salary (“Salary Debit method”) / any other method.
In case of any default in payment by the Borrower/s, ICICI Bank may at its discretion exercise its right to recall or cancel the Facility and the right to take possession of the Asset(s). The Borrower/s will not hypothecate, mortgage, pledge, charge, encumber sell, assign, transfer, hire or part with possession of the Facility or the Asset(s) to any third party without prior consent from ICICI Bank in writing.
The Borrower/s will promptly notify ICICI Bank of any action or steps taken or legal proceedings started by or against them for the winding-up, dissolution, insolvency, bankruptcy, administration, or re-organization or the appointment of a receiver, administrator, administrative receiver, trustee, or similar officer of/over their/its assets including the Asset(s) and will keep ICICI Bank informed of all developments to it.
