Credit Card scheme: The government has amended a scheme related to credit cards. Finance Minister Nirmala Sitharaman has announced to increase in the loan limit from Rs 3 lakh to Rs 5 lakh under the revised interest waiver scheme in the budget speech 2025-26. This will benefit a large section of the country. Let us know about this valuable scheme of the government.

The government is constantly taking necessary steps.

The Narendra Modi government at the Center has been trying to improve the condition of the citizens for a long time. For the upliftment of the people, the government is bringing various schemes (Credit Cards), like the Prime Minister Kisan Samman Nidhi Yojana was started by the Modi government for the farmers of the country. This benefited the farmers a lot. The government has encouraged the farmers for the progress and prosperity of the country.

The limit on the credit card will now be 5 lakhs.

The Narendra Modi government at the Center has also recently revised the limit of Kisan Credit Card. The government is giving credit cards of Rs 5 lakh limit to the farmers at affordable interest rates. Kisan Credit Card is a banking product that helps farmers buy farming items like seeds, fertilizers, and pesticides as well as to meet the cash needs related to crop production and related activities.

Start work at low-interest

The interest rates in the Kisan Credit Card scheme are very low. Payment can be made through Kisan Credit Card at low interest rates. The scheme was launched in the year 2019. It was expanded to cover the working capital needs of activities related to animal husbandry, dairy, and fisheries.

Crores of farmers benefited.

Lakhs of farmers have benefited from the Kisan Credit Card scheme. According to the information given by the Ministry of Finance, till 31 December 2024, the amount under the current Kisan Credit Card (govt Credit Card) accounts has crossed Rs 10 lakh crore. Kisan Credit Card has been used by 7.72 crore farmers. What will be the interest rate?

Under the revised interest subsidy scheme through Kisan Credit Card, banks are given an interest discount of 1.5% for providing short-term agricultural loans up to Rs 3 lakh at concessional interest rates of 7% per annum. At the same time, farmers are given an additional immediate repayment of 3% on repayment of the loan on time. This saves the farmer only 4 percent interest rate. Loans up to Rs 2 lakh are given on collateral-free basis. This ensures hassle-free access to credit to small and marginal farmers.

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