Bank of Maharashtra Kisan Credit Card

Features and Benefits of Bank of Maharashtra Kisan Credit Card Scheme

1. Mahabank Kisan Credit Card:
   1. Facility – Mahabank Kisan Credit Card offers Cash Credit
   2. Margin – There is no margin applied separately as it has already been taken into consideration while fixing the finance scale
   3. Credit Limit – The first year limit is calculated by multiplying the scale of finance of the crops with the extent of the cultivated area. On this 10 percent of the limit for post- harvest or consumption or household needs and 20 percent of the limit for farm assets repairs and maintenance has to be added. The limit for the 2^nd and succeeding years is calculated by adding 10 percent of the limit for cost escalation or the growth in the scale of finance for every successive year (second, third, fourth, fifth) to the first year limit
   4. Security – If the credit limit is up to Rs.1, 00, 000, then hypothecation of the crops has to be done. If the credit limit is more than Rs.1, 00, 000, then along with hypothecation of the crops, mortgage of land or third party guarantee has to be provided as security
   5. Repayment – Borrowers can repay the money by Kharif (next march), Rabi (next June) or by next September (horticultural crops)
   6. Validity – Mahabank Kisan Credit Card is valid for a period of 5 years and is subject to annual reviews
   7. Insurance – Insurance for the crops are available periodically based on government guidelines
2. Mahabank Kisan Tatkal Scheme:
   1. Facility – Mahabank Kisan Tatkal Scheme offers Term Loans
   2. Margin – There is no margin applied on this scheme
   3. Security – The security provided for Kisan Credit Card will be continued for this scheme
   4. Repayment – The money has to be repaid within 3 years in 6 months or yearly instalments according to the crop harvest. If the applicant wishes to get a fresh limit or increased limit in the succeeding year, the loan has to be paid in full based on the revised Kisan Credit Card Limit
   5. Amount of Loan – The minimum amount that can be availed from the Mahabank Kisan Tatkal Scheme is Rs.5, 000 and the maximum amount that can be availed is Rs.50, 000. This limit is subject to the upper limit at 25 percent of the annual income or 50 percent of the limit on Kisan Credit Card
3. Mahabank Gold Loan Scheme – Agriculture:
   1. Loan Type –
      1. i. Cash Credit in the form of Mahabank Kisan Credit Card for the production of cropsii. Cash Credit for the purpose of allied activities
      2. Term Loans
   2. Margin – There is no margin on the Mahabank Gold Loan Scheme - Agriculture
   3. Security – Applicants have to pledge their Gold jewellery as security. The bank will not give a loan against primary or bullion gold
   4. Amount –
      1. A.i. Mahabank Kisan Credit Card against Gold - according to the finance scale of cropsii. CC for the allied activities - according to the actual credit requirementsB.Agricultural term loan is provided according to the actual credit requirements
      2. 75 percent of the gold’s market value will be provided for Mahabank Kisan Credit Card and 60 percent of the gold’s market value will be provided for Term Loan
      3. The maximum limit is Rs.3, 00, 000 for this scheme. (The aggregate limit for Mahabank Kisan Credit Card plus CC for allied activities + Term Loan for agriculture) Among 1, 2 or 3, the one with the lowest value will be considered
   5. Repayment – The money has to be repaid depending on the type of loan taken –
      1. For Mahabank Kisan Credit Card against Gold – the repayment has to be made according to the guidelines of the MKCC scheme
      2. For CC allied activities – the repayment is based on the annual review
      3. For Term Loan – Depending on the purpose for which loan has been taken, the money has to be repaid within 60 months

Eligibility Criteria for Bank of Maharashtra Kisan Credit Card Scheme

1. For Mahabank Kisan Credit Card
   1. All the farmers are eligible to apply for a Mahabank Kisan Credit Card, be it individuals or joint land holders
   2. Tenant Farmers, oral lessees and sharecroppers can also apply for a Mahabank Kisan Credit Card
   3. Self Help Groups and Joint Liability Groups of farmers are eligible to apply for a Mahabank Kisan Credit Card
2. For Mahabank Kisan Tatkal Scheme -Farmers, individual or joint borrowers, who already hold a Kisan Credit Card are eligible to apply for the Mahabank Kisan Tatkal Scheme, provided that they have maintained a good record for 2 years
3. For Mahabank Gold Loan Scheme - Agriculture - Anyone involved in agriculture or allied activities is eligible to apply for the Mahabank Gold Loan Scheme - Agriculture provided that he or she fulfils all the Know Your Customer (KYC) guidelines

Bank of Maharashtra Kisan Credit Card Service Charges

Interest Rates for Bank of Maharashtra Kisan Credit Card Scheme

1. Mahabank Kisan Credit Card:
   1. For a credit limit of up to Rs.3, 00, 000, the interest rate is 7 percent per annum. This interest rate is fixed under the interest subvention scheme for up to 1 year
   2. For a credit limit of more than Rs.3, 00, 000, the interest rate is the same as the one applied to Agricultural Advances

1. Mahabank Kisan Tatkal Scheme:The rate of interest for Mahabank Kisan Tatkal Scheme will be the same as applied to Agricultural Advances
2. Mahabank Gold Loan Scheme – Agricultural:
   1. For Mahabank Kisan Credit Card – the interest is 7 percent per annum for an amount of up to Rs.3, 00, 000 (as per interest subvention scheme for up to a year)
   2. For Term Loans and CC for allied activities – the interest will be the same as applied to Agricultural Advances.

Documents Required

1. For Mahabank Kisan Credit Card and Mahabank Kisan Tatkal Scheme:
   1. Loan application – Form 138, Enclosure B2
      1. The applicant’s Chatu Sima, 7/12, 8 A, 6 D extracts
      2. The applicant’s no dues certificate from nearby financial institutions including PACS
      3. For loans above Rs.1, 00, 000 where land mortgage is done, legal search from advocate on Bank’s panel is needed
   2. Guarantee Form – F 138
      1. The guarantors 8 A, 7/12 and PACS dues certificate
2. For Mahabank Gold Loan Scheme - Agriculture
   1. Loan application – Form 138, Enclosure B2
   2. Records of revenue – 7/12, 8 A

Other Agricultural Products / Schemes offered by Bank of Maharashtra

1. Loans for Minor Irrigation
2. Loans for Animal Husbandry
3. Loans for Farm Mechanization
4. Scheme for Financing Farmers for Purchase of Land by Small & Marginal Farmers
5. Financing for Setting Up of Agri – Clinics and Agri – Business Centres for Agriculture Graduates
6. Loans for Horticulture or Plantation Activities
7. Loans for Hi – Tech Projects
8. Scheme for Financing Against Warehouse Receipts to Farmers
9. Mahabank Kisan All Purpose Term Loan.

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