Karur Vysya Bank's Green Kisan Credit Card Scheme – An Overview

The Green Kisan Credit Card is a unique credit facility designed to provide farmers in urban, semi-urban, and rural areas with working capital and short or long-term credit to carry out their daily agricultural and allied activities. The card functions like a revolving credit facility, with credit limits assigned to farmers based on their creditworthiness and the scale of their agricultural operations.

Under this scheme, farmers can avail of finance for a wide range of agricultural and allied activities, including crop production, animal husbandry, fisheries, horticulture, and sericulture. Additionally, the loan amount can be used to purchase equipment and machinery, construct sheds, buy seeds, fertilizers, pesticides, and other inputs required for farming operations.

The Green Kisan Credit Card is an excellent option for farmers as it provides them with quick and easy access to credit without the need for lengthy documentation or collateral. Furthermore, it helps farmers to manage their cash flow and plan their agricultural operations efficiently, with easy repayment options and affordable interest rates.

Benefits and Features of Karur Vysya Bank Green Kisan Card or Green Card Plus Scheme

Karur Vysya Bank's Green Card or Green Card Plus (Kisan Card) Scheme is a popular offering that aims to support agricultural activities in urban, semi-urban, and rural areas. Here are some of the key features and benefits of this scheme:

• Limit: There is no minimum or maximum limit for the Karur Vysya Bank Green Card or Green Card Plus (Kisan Card) Scheme. This means that farmers can access the funds they need for their agricultural and allied activities without worrying about any limitations.

• Availability: This scheme is available to all individuals engaged in agricultural activities in urban, semi-urban, and rural areas. This makes it an inclusive offering that caters to the needs of a wide range of farmers.

• Margin: A margin of 20% is required for loans taken under the Karur Vysya Bank Green Card or Green Card Plus (Kisan Card) Scheme. This means that farmers have to contribute 20% of the loan amount from their own funds, while the bank provides the remaining 80%.

• Validity: The Karur Vysya Bank Green Card or Green Card Plus (Kisan Card) is valid for a period of five years. However, it is subject to review on an annual basis to ensure that it is aligned with the current needs of the farmers.

• Processing Charges: The processing charge for the Karur Vysya Bank Green Card or Green Card Plus (Kisan Card) Scheme is 0.3%. This is a nominal fee that the bank charges for processing the loan application and disbursing the funds.

• Security: The security requirements for this scheme depend on the value of the loan. For loans up to Rs. 2.5 lakh, hypothecation of crops and agricultural tools is required. For loans above Rs. 2.5 lakh, farmers have to provide hypothecation of crops and agricultural tools, along with a third-party guarantee and land mortgage.

• Withdrawal: Farmers can withdraw money from their account using a cheque, ATM, or POS. However, they have to ensure that their withdrawals do not remain pending for over a year (12 months).

Overall, the Karur Vysya Bank Green Card or Green Card Plus (Kisan Card) Scheme offers farmers a convenient and flexible way to access the funds they need for their agricultural and allied activities. With its easy availability, nominal processing charges, and flexible security requirements, it is an attractive option for farmers looking for financial assistance.

Eligibility criteria for availing Green Kisan Credit Card Scheme

Karur Vysya Bank offers a Green Card or Green Card Plus (Kisan Card) scheme to provide financial assistance to farmers. The eligibility criteria for availing the benefits of this scheme are as follows:

• Ownership of Land: The applicant must be the owner and cultivator of the agricultural land. This means that individuals who have leased land are not eligible to apply for this scheme.

• Age Criteria: The minimum age of the borrower should be 18 years, while the maximum age should not exceed 75 years. If the borrower is over 70 years of age, he or she must have a co-borrower who is under the age of 60 years. The co-borrower must be a lawful heir or an immediate family member.

• Credit History: The borrower's credit history is also considered while evaluating the eligibility criteria. Those who have a good credit history are more likely to be approved for the loan.

• Income Criteria: The bank evaluates the borrower's income to determine whether they can repay the loan or not. The borrower's income should be sufficient to cover the loan amount and the interest rate.

• Residence: The borrower must be a resident of India.

• Documentation: The borrower must have all the necessary documentation such as land ownership papers, ID proof, and other documents as required by the bank.

• Repayment Capacity: The bank evaluates the repayment capacity of the borrower before approving the loan. The borrower should have a stable source of income to repay the loan on time.

By meeting these eligibility criteria, farmers can avail of the benefits of the Karur Vysya Bank Green Card or Green Card Plus (Kisan Card) scheme to obtain the necessary funds for their agricultural activities.

Interest rates for the Karur Vysya Bank Green Kisan Card

The following are the interest rates for the Karur Vysya Bank Green Card or Green Card Plus (Kisan Card):

Type of Facility: - Working capital credit- Floating Interest Rates 9.20% p.a.

• Investment credit- Floating Interest Rates 9.20% p.a.

How to apply for Karur Vysya Bank Green Card or Green Card Plus (Kisan Card) Scheme?

To apply for Karur Vysya Bank Green Card or Green Card Plus (Kisan Card) Scheme, follow these steps:

• Visit the nearest Karur Vysya Bank branch and collect the application form.
• Fill in the application form with accurate and complete details, including personal information, income details, land details, and other required information.
• Submit the application form along with the required documents, such as ID proof, address proof, land ownership documents, and income proof.
• After verifying the application and documents, the bank will sanction the loan amount and issue the Green Card or Green Card Plus (Kisan Card).
• Farmers can withdraw the loan amount using a cheque or through an ATM or POS machine.

Alternatively, farmers can also apply for the Karur Vysya Bank Green Card or Green Card Plus (Kisan Card) Scheme online through the bank's official website. The online application process is convenient and time-saving. Farmers need to fill in the online application form with the required details and upload the scanned copies of the necessary documents. The bank will then verify the application and documents and sanction the loan amount.

What are the documents needed for Karur Vysya Bank Green Kisan Card or Green Card Plus Scheme?

To apply for the Karur Vysya Bank Green Card or Green Card Plus (Kisan Card) Scheme, applicants need to provide the following documents:

• Application form duly filled and signed
• Identity proof (Aadhaar card, voter ID card, driving license, passport, etc.)
• Address proof (Aadhaar card, voter ID card, driving license, passport, utility bill, etc.)
• Land documents (land ownership and cultivation documents)
• Photographs (passport-sized)
• Income proof (ITR or sales tax return, etc.)
• Bank statement for the last six months

Note: The specific list of documents required may vary based on the individual's profile and the bank's policies. It's recommended to check with the nearest Karur Vysya Bank branch for a comprehensive list of documents required for the Green Card or Green Card Plus (Kisan Card) Scheme.

Other Agricultural Schemes by Karur Vysya Bank

Karur Vysya Bank offers a range of agricultural products and schemes to cater to the diverse needs of the farming community. In addition to the Green Card or Green Card Plus (Kisan Card) Scheme, some of the other notable offerings include:

• Farmer Two-Wheeler Loan: A loan designed to help farmers purchase a two-wheeler vehicle for their agricultural and transportation needs.
• Loans for Green Harvester: A loan that enables farmers to buy green harvesters, which are eco-friendly and fuel-efficient machines for crop harvesting.
• Green Trac Loan: A loan scheme that provides financial assistance to farmers for the purchase of tractors, which can be used for ploughing, tilling, and other farm activities.
• Jewel Loan: A loan facility that enables farmers to obtain quick and hassle-free finance against their gold jewellery.
• KVB Happy Kisan Scheme: A comprehensive package of financial products and services that includes savings accounts, loans, insurance, and advisory services, tailored to the needs of the farming community.

FAQs on Karur Vysya Bank Kisan Credit Card

Below are the rewritten FAQs on Karur Vysya Bank Kisan Credit Card:

Q1: What are the interest rates on Karur Vysya Bank Green Card or Green Card Plus (Kisan Card)?

Ans: Farmers can find the current interest rates for Green Card or Green Card Plus (Kisan Card) by contacting any branch of Karur Vysya Bank.

Q2: How can farmers get more information about Karur Vysya Bank Green Card?

Ans: Farmers can obtain more information about Karur Vysya Bank Green Card or Green Card Plus (Kisan Card) by visiting any branch of the bank or contacting the customer care number.

Q3: What is the validity period for a Karur Vysya Bank Kisan Credit Card?

Ans: A Karur Vysya Bank Green Card or Green Card Plus (Kisan Card) is valid for 5 years and is subject to annual review.

Q4: When do farmers have to repay the money borrowed from Karur Vysya Bank?

Ans: Farmers must repay the money to Karur Vysya Bank within one year from the date of withdrawal.

Q5: Can farmers withdraw money using their Green Card Plus (Kisan Card) through ATMs?

Ans: Yes, farmers can withdraw money using their Green Card or Green Card Plus (Kisan Card) through ATMs.

Q6: What is the minimum age requirement to apply for the Kasur Vysya Green Card or Green Card Plus (Kisan Card)?

Ans: Individuals aged between 18 years to 75 years can apply for the Kasur Vysya Green Card or Green Card Plus (Kisan Card). Borrowers over the age of 70 years must have a co-borrower under the age of 60 years.

Q7: What is the processing fee for the Kasur Vysya Green Card or Green Card Plus (Kisan Card)?

Ans: The processing fee for the Kasur Vysya Green Card or Green Card Plus (Kisan Card) is 0.30%.

Q8: Will farmers receive accidental insurance coverage?

Ans: Yes, farmers will be offered free accidental insurance coverage worth Rs.50,000.

Q9: What are the repayment tenures offered for the Kasur Vysya Green Card or Green Card Plus (Kisan Card)?

Ans: The repayment tenure for cash credit is up to 1 year and for term loans, it is up to 7 years.