New 2020 Kisan Credit Card with Interest Will Get Loan 1 Lakh? Open

New 2020 Kisan Credit Card with Interest Will Get Loan 1 Lakh? Open

Credit is a contractual agreement in which a borrower receives something of value now and repairs to the lender at some later date, usually with interest. Credit also refers to an accounting entry that reduces assets or increases liabilities and equity on the company's balance sheet. Additionally, on the company's income statement, a debit reduces net income, while a credit increases net income.

Now that the BJP is back in power, we can hope that these promises will come true. Because, as BJP spokesperson Rajiv Jaitley is saying, we will fulfill the promises he has made.
In his later tenure, the Modi government had simplified the rules on Kisan credit cards so that all farmers could avail themselves of it. And escape the clutter of moneylenders. In the last government, Minister of State for Agriculture, Gajendra Singh Shekhawat, in a conversation with us, claimed that only three documents were required for KCC. First, whether the person giving the application is a farmer or not.

For this, the bank will check his farm papers, and get his copy. The second residence certificate and the third applicant's affidavit that he has no loan at any other bank. The government also told the banking association that no fee should be charged for the KCC application.

This is because KCC's coverage committee can only be up to the farmers. There are 14 million farmer families in the country, of which seven crore have Kisan credit cards. Most farmers do not take advantage of this. Because, the bank does not easily report this. So the farmers get a loan from the lenders. And get stuck in a cycle of interest that sometimes suicides.
Currently, Kisan Credit Card provides loans up to Rs 3 lakh for farming and livestock, up to Rs 2 lakh for fish farming at 7 percent interest. There is a 3% discount on paying back on time. In this way honest farmers get money only at 4% interest. KCC was previously only for farmers. But, the Modi government has also expanded it for livestock and fishermen

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