New Delhi, June 7 : Kisan Credit Card (KCC) scheme a lifeline for millions of Indian farmers, said Finance Minister Nirmala Sitharaman on Saturday.

KCC is a banking product that provides farmers with timely and affordable credit for purchasing agricultural inputs such as seeds, fertilisers, and pesticides, as well as for meeting cash requirements related to crop production and allied activities.

In a post on social media platform X, along with an infographic, Sitharaman said 'Over 465 lakh applications have been sanctioned with Rs 5.7 lakh crore credit limit'.

'Under the leadership of Prime Minister Narendra Modi, the Kisan Credit Card (KCC) has become a lifeline for millions of farmers,' Nirmala Sitharaman's Office stated on X.

The scheme has led to 'easy access to short-term crop loans'. About Rs 5.7 lakh crore have also been sanctioned in credit, with 'interest as low as 4 per cent with timely repayment' the post added.

With the KCC scheme, farmers can get up to Rs 3 lakh loan at just 4 per cent interest, if repaid on time. An'additional Prompt Repayment Incentive of 3 per cent is also being provided to farmers on timely repayment of loans, which effectively reduces the rate of interest to 4 per cent for farmers. Thus, for every one lakh KCC loan, farmers can save up to Rs 9,000 in interest per year.

The government has also increased the subsidised KCC loan limit from Rs 3 lakh to Rs 5 lakh, benefiting approximately 7.7 crore farmers, including fishermen and dairy farmers.

Further, the Financial Minister also lauded the government under PM Modi for increasing the Agriculture Budget and launching various schemes that cater to the welfare of farmers in the country.

'From just Rs 21,500 crore in 2013 to Rs 1.22 lakh crore in 2024, the Agriculture Budget has seen a more than 5X rise, reflecting Prime Minister Narendra Modi-led government's commitment to its farmers and their welfare,' said Sitharaman's Office on X.

/IANS