Chennai, NFAPost: Chennai-headquartered Indian Bank has introduced a Kisan credit card loan scheme for Tamil Nadu fishermen. Under this scheme, Kisan credit card offers loan up to Rs 2 lakh as a working capital and low interest rate will be provided.
Fishermen can submit the application through the Department of Fisheries along with details of the mechanized Boat.
Features of the Scheme:
- Revolving Credit up to Rs 2 lakh will be provided.
- Under this loan scheme, there is no restriction on number of credit and debit transactions.
- The loan is offered at 7% interest rate.
- Interest subvention of 3% is given to those who repay the loan within a period of one year. Once in a year the loan can be renewed.
- This loan will be provided under MUDRA Scheme.
- RUPAY Kisan Credit Card will be issued to borrowers.
Beneficiaries can use the card to withdraw money from ATMs, BC Points and also make purchase through merchant POS. Customers can approach the nearest Indian Bank branch or Tamil Nadu Fisheries Department for their needs, the bank said in a release.