Bangalore / Chennai, 27th Dec, 2019: Ujjivan Small Finance Bank introduces Kisan Pragati Card (KPC) to assist farmers meet their credit requirements. The card has been launched with specific focus on small and marginal farmers to finance the array of their needs like crop production, pre &post-harvest requirements, working capital for maintenance of farm assets and plain consumption expenses. The facility will also offer coverage of Personal Accident Insurance Scheme (PAIS).
KPC offers a credit limit of upto Rs 10 lakhs for 5 years with a yearly renewal option. KPC also offers a term loan upto Rs 10 lacs with a tenure ranging between 1 and 5 years. Loans upto Rs 3 lakhs will have zero processing fee. Under the loan options, Ujjivan SFB offers Kisan Unnati Emergency Loyalty to meet the different financial requirement of farmers.
Commenting on the launch, Sanjay Kao, Chief Business Officer,Ujjivan Small Finance Bank said, “Cyclical nature of agriculture, where still a majority of the population’s livelihood is dependent, makes accessibility of credit very crucial. Despite this, farmers, especially small and marginal ones are deprived of institutional credit. They in turn are forced to go to local money lenders who charge exorbitant interest rates. Ujjivan SFB through this Kisan Pragati Card offers Kisan credit card and term loans at attractive interest rates to farmers enabling them to meet the credit needs for crop cultivation and allied activities.”
Ujjivan SFB understands the intricacies of the Indian agri-business sector and through this innovative credit delivery mechanism it caters to the credit needs of farmers. KPC is offered at a competitive turnaround time and the bank will dedicate a frontline staff to facilitate doorstep delivery of the card bringing simplified documentation and hassle-free repayment with no hidden charges.
About Ujjivan Small Finance Bank Limited Ujjivan Small Finance Bank Limited is a wholly-owned subsidiary of Ujjivan Financial Services Ltd. The bank commenced operations as a Small Finance Bank with effect from February 1, 2017 post transfer of business undertaking by Ujjivan Financial Services Ltd. The Reserve Bank has issued a licence to the bank under Section 22 (1) of the Banking Regulation Act, 1949 to carry on the business of small finance bank in India. Ujjivan Small Finance Bank Ltd. is also included in the Second Schedule to the Reserve Bank of India Act, 1934.