Kisan Gold Card (KGC) is privileged credit card provides a general-purpose loan meant for meeting credit needs of farmers for productive and consumption purposes.
Eligibility for Kisan Gold Card (KGC)
Farmers having good track record of repayment in their ACC / ATL / KCC accounts for the last two years can apply Kisan Gold Card (KGC) loan. New borrowers who maintain sizeable deposit with our branches for the last 2 years.
Purpose of Kisan Gold Card (KGC)
1. Investment credit purpose: 80% of the eligible limit can be utilized for creation or purchase of any productive assets other than for:
- Purchase of land
- Construction of farm house
- Purchase of tractor & its accessories.
2. Consumption loans purpose: To meet domestic expenses like education, marriage, medical expenses etc., 20% of the eligible KGC limit.
Limit of Kisan Gold Card (KGC)
Five times the annual farm income or 50% of the value of land (to be) mortgaged as collateral security, whichever is less, with a maximum of Rs. 10 lacs minus term loan outstanding if any at the time of application. This is in addition to KCC limit.
Margin of Kisan Gold Card (KGC) for Investment Purpose: 10% Consumption; Others: 30%.
Kisan Gold Card (KGC) ha loan period of one year from the date of sanction.
Each Kisan Gold Card (KGC) loan will have its own repayment schedule, subject to the usual norm of a maximum of 6-7 years for the repayment of AT L ( 9 years for Horticultural orchards).
Security for Kisan Gold Card (KGC)
As per ATL.
# A single set of loan documents may be obtained for the entire KGC limit sanctioned.
A separate a/c to be opened for each purpose and separate repayment schedule for each a/c stipulated. Maximum number of accounts permissible is five. Treated as ATL accounts. Cash disbursals are allowed to the full extent of credit limit as in the case of KCC.
Rate of Interest
Rate of interest for SBI Kisan Gold Card (KGC) shall be as per extant instruction applicable to Agriculture Term Loans. Current rate and other terms are available at SBI Agriculture Loan section.