Hii
I want to know whether the MCLR is applicable for KCC loans or not.
As i have seen in One KCC Account that the Bank is Charging higher interest on Crop Loan for not submitting the documents like Stamp paper for MCLR and Other. So Pls let me know whether that is mandatory to submit the documents for MCLR or whether it not required and Bank should reverse the higher interest charge by them.
MCLR is generally applicable to KCC loans that exceed the ₹3 lakh limit or those that do not qualify for government interest subvention. If you are being charged higher interest, it is likely because your KCC account is not being treated as a "subsidized/prompt" account—often due to a missed annual renewal—rather than a failure to submit specific "MCLR documents." Ensure your KCC account is renewed to restore eligibility for the concessional interest rates.
BHUPINDER SHAH AND COMPANY
New Delhi
CA Inter
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