Digital Kisan Credit Card (KCC)

This blog will provide information on the Digital Kisan Credit Card (KCC) Scheme and the application process.

But firstly, let's discuss,

What is Digital KCC?

Banks issue Digital Kisan Credit Cards (KCCs) to farmers for Crop Production based on their land holdings and Cropping Pattern.

Need for Digital KCC?

Agriculture is the primary sector of our Indian economy. Almost two-thirds of the total work force earns their livelihood through farming and other allied activities. Credit to Agriculture is significantly linked to inclusive economic growth. At present, the process for getting Agricultural Crop loan requires customer to visit a bank branch in person along with the proof of land ownership and other documents. The Turn Around Time (TAT) from loan application to disbursement has been rather high, ranging from one to two weeks.

Considering the challenges faced by customers and field functionaries in sanctioning KCC loans Union Bank of India has, in coordination with Reserve Bank Innovation Hub (RBIH) and under guidance of Reserve Bank of India (RBI), designed Digital KCC product for sanction of Fresh Loans of upto Rs.1.60 lakh.

The product is a seamless Straight Through Process (STP) offering end to end solution, wherein the land records are verified through API integration and various other sources.

Benefits of Digital KCC STP:

The product has following special features:

• Farmer friendly, onboarding presently through Banks website and Mobile Banking app (VYOM).
• No document submission and Branch visit required for farmer.
• Reduced TAT, sanction along with Loan Account opening within few minutes.
• Online farmland verification
• Use of Satellite imagery and mapping to verify Cropping information, geotagging etc.
• Ready bureau integrations for farmer credit history check
• Automated decision on loan, basis land ownership, cropping, bureau data.
• Option for execution of loan documents digitally through Aadhar based e singing, integration done with NeSL.
• Fully automated and Digitized sanction, loan documentation and disbursal of loans to farmer within minutes
• Digitally generated process note and sanction letter for Branch utilization and references.

Click Here to Know Product Features:

Customer Journey:

The customer journey can start as under:

• Through VYOM App

Login through VYOM Application	In loans Tab click on Kisan Credit Card

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