With many farmers still out of the ambit of institutional credit, the Centre, on Wednesday, said it has directed the concerned banks to issue Kisan Credit Card (KCC) to eligible ones within two weeks of the submission of completed application.
Currently, there are 6.95 crore active KCCs, under which crop loans are given at subsidised interest rate. KCC has been extended to farmers involved in animal husbandry and fishery activities as well. Normally, farm loans attract an interest rate of 9 per cent. But the government is providing 2 per cent interest subsidy to ensure farmers get short-term farm loans of up to ₹3 lakh at a rate of 7 per cent per annum.
Source ; BL
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