Budget 2025 Expectations: The loan limit under Kisan Credit Card can be increased soon which is currently Rs 3 lakh. Currently, farmers get a loan of up to Rs 3 lakh through Kisan Credit Card.
The Union Budget will be presented in Parliament on February 1, 2025 and Finance Minister Nirmala Sitharaman will present the roadmap for the next few years of the Modi government in this budget, with which the expectations of crores of people of the country are linked. There are many possibilities in this budget for the central government to fulfill crores of expectations. Now in this episode, good news has also come regarding the loan limit of Kisan Credit Card.
Thoughts on increasing the limit of Kisan Credit Card
An official or source associated with the Finance Ministry said that the loan limit under the Kisan Credit Card can soon be increased to Rs 5 lakh, which is currently Rs 3 lakh. Currently, farmers get a loan of up to Rs 3 lakh through Kisan Credit Card, the limit of which can be increased to Rs 5 lakh in this budget. In the budget, the government is planning to increase the credit limit of Rs 3 lakh to Rs 5 lakh. This information has been received according to a news of Business Standard.
There has been a demand for increasing the KCC limit in front of the government for a long time
The government constantly receives demands to increase the limit of Kisan Credit Card and the loan limit of KCC was increased a long time ago. Since last time, it has remained at Rs 3 lakh. The government is thinking of increasing the loan limit on Kisan Credit Card from Rs 3 lakh to Rs 5 lakh because this will help the farmers, especially small and marginal farmers and after this, an increase in rural demand can also be seen, through which the economy of the villages will also improve.
What is Kisan Credit Card
Kisan Credit Card (KCC) Scheme is a scheme of the Government of India. Under this, farmers are given timely and adequate loans for farming purposes. Under this scheme, farmers get many benefits-
Farmers can take loans for various agricultural needs from one place and the application process is easy. Farmers are given 2 percent interest discount and 3 percent quick repayment incentive. The government gives 2 percent discount on interest to farmers.
Farmers who repay the loan on time get an additional 3 percent reduction in interest as an incentive. In this way, farmers get loans at an annual rate of 4 percent. Farmers get cover of crop insurance, accident insurance, health insurance, and asset insurance. There is a reduction in interest rate on agricultural loan if it is repaid on time.
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