Can Bank of Baroda Kisan credit card fulfill the agricultural needs of farmers? As we know that the financial condition of the farmers isn’t very good and they have faced many problems while maintaining their farms. To resolve their problems, Bank Of Baroda provides a credit card using which they can easily manage their day to day expenses at lower rates. Using the Bank Of Baroda Kisan credit card farmers can borrow an amount at a lower rate of interest in the form of a demand loan, term loan or instant cash. To know more about the card features and benefits read the given article. How can you manage the expenses with Bank Of Baroda Kisan Credit Card? For farmers, it is not an easy task to manage their farming and household expenses that’s why Bank Of Baroda provides them the Kisan credit card. Using this credit card they can withdraw cash and take instant loans for their urgent money requirement. Individuals who are eligible for this card include tenant farmers, hired farmers or share croppers. Your Kisan credit card limit is based on your income and you can pay the borrowed amount in yearly, half-yearly or annually. Bank of Baroda Kisan credit card limit is based on the increase in the scale of finance in the next 5 years, they can borrow an amount only within their credit limit. And you can easily repay the loan amount through auto-debit from your savings account. What is the benefit of Kisan credit card? The main advantage of the Bank Of Baroda Kisan credit card is that you can avail a term loan from it without providing any additional documents. You can use the amount for agriculture purpose only, as the bank provides you loan amount according to your requirement. The bank also doesn’t charge any processing fee from you on loan amount up to INR 10 lakhs for agriculture use. Otherwise, for personal use of the loan amount you have to pay 50% charges if you have borrowed a loan amount above INR 2 lakh. You will also get free personal accident insurance on your Bank Of Baroda Kisan credit card that worth Rs. 50,000. This credit card doesn’t have a limit and the bank can increase the credit limit maximum up to INR 50,000 for one year by evaluating the farmers’ family credit consumption. The applicable interest rate on the loan amount is from 0.25% to 0.50% and depends on the repayment capacity and annual income of the farmer. How can you apply for the Bank Of Baroda Kisan Credit Card? You can apply for the Bank Of Baroda Kisan card through both online and offline banking. As you just need to visit your nearby Bank Of Baroda branch and submit the required documents along with the filled application form. You can do the same through online banking, just visit the bank official website and click on the product option choose “credit card” in the category. After
that select “ Baroda Kisan Credit Card” and click on the “Apply Now” button enter your PAN and Aadhar details and click on the “submit” button. So, this is how you can apply for the Bank of Baroda Kisan credit card. Now, borrowing loans and instant cash from Bank Of Baroda is easier for the farmers with the help of Kisan credit card.