Government Announces a Relief for the Kisan Credit Card Users
Last Updated : May 13, 2020, 7:41 p.m.
The COVID 19 Pandemic has created a mess nationwide and the government has put a lockdown in the whole country. Almost, every individual has faced some sort of financial problem including the farmers. Therefore, the government has announced relief for those farmers who are using Kisan Credit Cards. This Credit Cards are mainly meant for farmers so that they can take a loan for the lands, crops vegetation, and many other tasks done on the field. But due to this lockdown, they are facing a lot of financial problems and are unable to face their day to day expenses. So, now the government has allowed the Kisan Credit Card users to utilize 10% of the loan amount for meeting their domestic expenditures.
Update for the Kisan Credit Card Holders
The Government of India has given a relief to the Kisan credit card users in which the farmers can also ask for more loans as per their vegetative needs. So, you must explore the benefits of this update given by the government of India.
Utilize 10% of the Loan in Domestic Expenditure
In the latest update, the government has said that Kisan Credit Card users can use 10% of their loans for meeting their domestic expenditures. This relief is given just to compensate the financial losses occurring due to lockdown. Now the farmers can do their household expenses from their loan amount but they can only use 10% of the loan.
Deferment of EMI Payments
The RBI has given a Moratorium Period for 3 months in which you can postpone the payment of the EMI by 3 months and your CIBIL Score will remain unaffected. So, now the farmers can postpone their loan’s EMI till the 31 st of May and use the funds for meeting their day to day expenses.
Extension of Short-Term Crop Loans
The Government has extended the last date payment for the short-term Crop loans from the 31 St of March 2020 to the 31 st of May 2020. This facility is given to INR 9 Crores farmers across the country and the farmer will have to repay the loan at the prevailing rate of interest that is 4% per annum.
Conclusion
This is the latest update from the government related to the Kisan Credit Card users.These small reliefs will definitely help the farmers to survive the Coronavirus lockdown and increase their output for the country. If you want to increase the credit limit of your Kisan credit card then you can visit the official website of PM Kisan Gov and find the necessary details.