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Kisan Power - Other Important Details
Type of facilities offered
- Production credit (KCC): To meet the cost of cultivation and post-harvest expenses, including general consumption and farm assets maintenance needs of the farmer, for both field and horticulture crops.
- Term Loans: For investment needs and farm development activities that help improve farm productivity.
Crop Loans:
The features of crop loans include high-value loans that can be used for multiple needs, quick and easy loan sanctions, attractive interest rates, and the services of a dedicated relationship manager, among others. This specialised credit facility for farmers is beneficial in the long run, especially for supporting their farming business.
Horticulture Loans:
Axis Bank provides loans for horticulture projects involving modern horticultural practices, including those approved by National Horticulture Board for subsidy. Horticulture Loans are hassle-free and provides attractive interest rates. These loans facilitate farmers with credit for purchasing inputs, machinery, polyhouses, drip irrigation installation, domestic consumption, and more, with a convenient repayment option.
Product Features
Age
18-75 years (Co- borrower required for applicants over 60 years)
Tenure
5 Years
Joint holding
Up to 5 joint holders
Facilities provided
Cash credit, Term Loan
Interest subvention
Credit facilities (CC and OD) up to ₹3 lakhs taken from a rural or semi-urban branch to be available at a concessional rate of interest of 7% per annum.
Applicable Interest
The applicable interest subvention /incentive for prompt repayment as advised by Government of India and/or State Governments.
Land holding
A minimum of 1 acre of agricultural land is needed for KCC.
Repayment period
At Half yearly/ yearly rest as per the harvesting and marketing periods for the crop.
Other details
Should mandatorily avail of cash credit to obtain Term Loan.
Key Benefits
- Pradhan Mantri Fasal Bima Yojana for all notified crops (with opt-out scheme).
- RuPay debit card for digital convenience.
- Accident insurance cover.
- Annual and half-yearly interest application in synchronisation with the cropping cycle.
- Interest subvention scheme for cash credit and Overdraft of up to ₹3 lakhs.
Other Important Details
Lending rates
- Rate of interest will be linked to Prevailing Repo Rate.
- Customer rate/ pricing (ROI) shall be repo rate + spread.
- Repo rate reset frequency- every 25th day of last month of each quarter.
- The bank will publish the Repo Rate periodically on the bank's website.
Lending rates
- Existing loan on base rate/ MCLR/ fixed rate will continue to be at existing benchmark till renewal.
- For fair practices code followed by the bank, please click here
- For brief details on all our products, please click here
Related Products
Warehouse Receipt Loans
This customer-friendly rural loan faility helps prevent distress sales during harvest and offsets seasonal fluctuations.
Microfinance
Axis Bank provides microfinance to individuals that come from poor households to help support their businesses.
Micro Loans
Access quick and convenient banking solutions with minimal documentation to finance your short and long-term business needs. This includes competitive Agri Loan interest rates for rural customers.
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