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Fact check: Fake news getting viral on charging no interest rate under KCC

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A news is getting viral on social media. Pradeep Sharma posted a piece of newspaper where it is written mentioned that 4% interest were charged on loan of 3 Lakh under Kisan Credit Card Loan Scheme up until now. KCC loan scheme was introduced for farmers seeking access on short-term loan in 1998 and linked with Pradhan Mantri Yojna.

As per the claim, KCC will provide interest free loan up to 3 Lakhs from April 2022.

Fact check

After digging further, we went on the official site of State Bank of India and found that no such amends have been made neither any such news have come across. It is clearly mentioned that under the terms and conditions that 3% interest will be charged for prompt borrowers.

State Bank of India

Hence proving that the viral picture is photoshopped and no such mark down on interest percentage were provided. Adding further under the benefits of the scheme it is mentioned that interest can go low up to only 2% p.a. and high to 4% p.a.

 Conclusion: The claim is fake.

Claim review: Fake news getting viral on charging no interest rate under KCC

Claim by: Pradeep Sharma

Fact check: fake

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