Kisan Credit Card (KCC) Calculator

The objective of the Kisan Credit Card (KCC) scheme is to provide credit to farmers at affordable rates for agriculture and other allied activities. KCC calculator helps farmers to calculate the loan amount, interest rate and payment plan required by them. Let us understand the method of using Kisan Credit Card Calculator 2024 and the interest rate.

Key Elements of KCC Calculator

1. Loan Amount: This is the amount that the farmer gets under KCC.

2. (Interest Rate: This is the rate at which the farmer has to pay interest on the loan.

3. Loan Tenure: This is the period during which the farmer has to repay the loan.

4. (EMI – Equated Monthly Installment: This is the monthly installment that the farmer has to pay to repay the loan.

Kisan credit card calculator chart

Suppose the farmer has taken a loan of ₹50,000, the interest rate is 7%, and the loan tenure is 1 year (12 months).

chart analysis

1. Monthly Installment (EMI): The monthly installment is determined based on the loan amount, interest rate, and time period. For example, on a loan of ₹50,000 with a 7% interest rate and a tenure of 12 months, the monthly installment would be ₹4,313.67.

2. Total Interest: The total interest is determined by the amount of interest paid during the entire tenure. The total interest on a loan of ₹50,000 with a 7% interest rate and a tenure of 12 months would be ₹3,764.04.

3. Total payment: The total payment is determined by the amount of principal and total interest. The total payment on a loan of ₹50,000 will be ₹53,764.04.

Benefits of Kisan Credit Card Calculator

1. Accuracy: Using the KCC calculator farmers can calculate accurate EMI and total payment, making financial planning easier.

2. Time-Saving: Using a calculator saves time, as it takes more time to calculate it manually.

3. Financial Planning: Farmers can manage their financial resources better and know how much amount will be required and how it will be repaid.

Using KCC Calculator

The Kisan Credit Card (KCC) calculator can be used to meet various agricultural and other related financial needs. This calculator helps farmers calculate their loan amount, interest rate, and payment plan. Here are details of the different ways to use the KCC calculator:

1. Agricultural Loan Scheme: Farmers can use the KCC calculator to plan the loan required for their agricultural operations. This helps them get financial assistance at the right time so that they can purchase seeds, fertilizers, and other agricultural inputs.

2. Calculation of crop loan: Farmers can calculate the loan for different crops and know how much amount will be required for which crop and how the installments will be determined to repay it.

3. Purchase of Equipment and Machinery: Farmers can use the KCC calculator to purchase equipment and machinery required for agricultural operations. This helps them know how much amount needs to be borrowed to purchase the equipment and how many monthly installments need to be paid to repay it.

4. Daily Agricultural Work: Farmers can use the KCC calculator for financial management required for daily farming activities. It helps them to calculate the loan amount and payment plan for everyday needs.

5. Crop Insurance and other related expenses: Farmers can use the KCC calculator for crop insurance and other related expenses. This helps them to know how much amount will be required for insurance premiums and other expenses.

6. Financial Planning and Management: Farmers can use the KCC calculator to plan their entire financial portfolio. This helps them to compare different loan options and select the most suitable plan.

How to use KCC calculator?

1. Enter the loan amount: Enter the loan amount the farmer wants.

2. Enter interest rate: Enter the interest rate in percentage (%).

3. Enter time period: Enter the time period in months or years.

4. Click on the Calculate button: This KCC calculator will calculate the loan EMI, total interest, and total payment amount.

Example:

Suppose the farmer has taken a loan of ₹1,00,000, the interest rate is 7%, and the loan tenure is 2 years (24 months).

1. Loan Amount: ₹1,00,000

2. Interest Rate: 7%

3. Loan Tenure: 24 months

After entering these values into the calculator:

• Monthly Installment (EMI): ₹4,493.49

• Total Interest: ₹7,844.72

• Total Payment: ₹1,07,844.72