Farmer Finance / Agriculture Loan/ Krishi Loan
Frequently Asked Questions (FAQs) for Farmer Finance
Farmer Finance supports you using a whole farm approach – support in all aspects of agriculture. Our agriculture loans meet your both short term and long term credit needs.
- Retail Agri Loan - Kisan Credit Card / Kisan Card
Kisan Credit Card (KCC) is a specially designed credit card for farmers. This card gives you the facility of a hassle free and convenient credit to meet your day to day farming requirements.
- Long term Loan for agriculture & allied activities (Agri Term Loan)
You can get term loans to buy cattle or agriculture equipment as a part of the Agricultural Term Loan (Agri TL) scheme from ICICI Bank. Repay these loans over a period of 3-4 years in monthly/Half yearly/ Yearly instalments as per your convenience.
You get multiple benefits with ICICI Bank Agriculture loans:
- Simplified documentation
- Easy and convenient loan
- Flexible loan repayment options based on your income
- Attractive interest rates
- No hidden charges
- Quick processing
- Non-mortgage loans are also available
ICICI Bank Kisan Credit Card comes with a host of benefits, some of which are:
- Convenient banking: You need not to compromise with your day to day work while banking with us. Experience the new age banking with ICICI Bank through large branch & ATM network with 24*7 customer care support
- Wide network: ICICI Bank Kisan Credit Card can be used at any bank’s ATM apart from ICICI Bank’s large coverage of 10,000+ ATMs across the country
- Card limit: The Kisan Credit Card limit is sanctioned for 5 years with one time documentation and shall be reviewed every year based on your farming requirements
Following are the basic requirements to avail Kisan Credit Card from ICICI Bank:
- The applicant should be in the age group of 18-70 years
- Owns a piece of agricultural land
- Engaged in agricultural or Allied Agricultural Activities
You need to submit the following documents while availing the loan:
- Simplified application form
- KYC Documents
- Land documents
- Security PDC
- Any other document, as per sanction condition
Interest charges for Farmer Loans
|Kisan Credit Card||9.00%||13.60%||12.00%|
|Agri Term Loan||8.50%||18.00%||12.48%|
- The range of interest rate provided is with respect to individual loans disbursed between January 1, 2022 to March 31, 2022.
- Mean rate - Sum of rate of all loans/number of loan accounts.
- The rate of interest is dependent on credit assessment parameters of the bank.
- Data excludes lending done under the crop loan subvention schemes of the government.
Schedule of charges
|Description of Charges||Facility Type||Charges / Fee Amount**|
|Processing Fees||Kisan Credit Card||Up to 2% of initial sanction at the time of disbursement and renewal|
|Processing Fee charges for Interest Subvention Cases will be 1.50%|
|Up to 0.50% of the sanction limit at the time of review with enhancement or upto 0.25% of the sanction limit at the time of review without enhancement of the account|
|Agri Term Loan||Up to 2% of sanction limit at the time of disbursement|
|Premium Funding Overdraft||Up to 2% of sanction limit at the time of disbursement and renewal|
|Stamp Duty and other statutory charges||All||At actuals as per applicable laws of the State at the time of loan processing|
|Legal Fees (All states except Madhya Pradesh)||KCC Limit upto ₹3 Lac - ₹1,750|
|KCC Limit above ₹3 Lac - ₹10Lac - ₹ 2,500|
|KCC Limit above ₹10 Lac - ₹ 3,500|
|Legal Fees (Madhya Pradesh)||KCC Limit upto ₹3 Lac - ₹ 2,350|
|KCC Limit above ₹3 Lac - ₹10Lac - ₹ 3,100|
|KCC Limit above ₹10 Lac - ₹ 4,100|
|Legal fees for all residential and commercial properties||₹ 2500 for each residential or commercial property obtained as security|
|Valuation Fees||₹ 2500 per case for cases where valuation of residential or commercial property is done|
|Switch from existing Benchmark Rate to external Benchmark rate||Administrative switchover fee of ₹ 1,000 plus taxes shall be charged.|
|Penal Interest||Kisan Credit Card||2% per month on overdue amount at the time of loan regularization|
|Agri Term Loan||2% per month on overdue amount at the time of loan regularization|
|Premium Funding Overdraft||2% per month on overdue amount at the time of loan regularization|
|Note - For loans up to Rs 25,000/- nil penal interest to be recovered for delayed payment|
|Overdue Charges (31 DPD to 90 DPD)||Kisan Credit Card||₹ 500 on non-repayment of interest post 30 days after interest debit.|
|Overdue Charges (90+ DPD)||Kisan Credit Card||₹ 1000 on non-repayment of interest post 90 days after interest debit.|
|Overdue Charges (180+ DPD)||Kisan Credit Card||₹ 1000 on non-repayment of interest post 180 days after interest debit.|
|Foreclosure Charges*||Kisan Credit Card||4% on Sanction limit for account closed within one year of account opening|
|Agri Term Loan||Nil|
|Bounce/Late Payment Charges||₹ 500 per per bounce or Late-repayment of interest on due date|
*#DPD : Days Past Dues
Charges and Penal Interest would not be levied on loans amounting up to ?25,000 for Agricultural purpose.
**Charges which are in nature of fees are Exclusive of GST.
GST and other government levies, as applicable, would be charged additionally.
Annual Percentage Rate:
The Annual Percentage Rate (APR) is a method to compute annualised credit cost, which includes interest rate and processing fee.
To calculate the same, please click here to download the APR calculator.
In the event of a change in your address, on account of relocation or any other reason, you should intimate the bank within 2 weeks of such a change. Any such intimation/request for change in address should be accompanied with a valid address proof.
Secure what matters!
Why worry about increasing healthcare expenses! Enroll now with Group Health Insurance underwritten by ICICI Lombard. T&C apply.