Scheme for financing farmers for Purchase of Vehicles (Two / Three Wheelers)
Scheme for financing farmers for Purchase of Vehicles (Two / Three Wheelers) |
---|
Facility | Agricultural Term Loan (ATL) |
Purpose | Purchase of brand new vehicles such as Two Wheelers, Three Wheeler Carriages ( Including Electric vehicles ) for supervising agriculture operations / effective management of farm / estate and for transportation of agricultural produce / inputs, labour, etc. |
Eligibility | - The applicant/s should be an agriculturist, cultivating his own land or should be engaged in allied activities such as Dairy, Poultry, sericulture, fisheries etc.
- The persons engaged in production and distribution of agricultural and allied activity inputs.
- The applicant/s should possess a valid driving license or engage driver possessing valid driving license.
Age Limit:- For individuals: 18 years and above.
- Maximum Age at Maturity of loan should not exceed 70 years.
|
Income & Land holding criteria | - The applicant/s should have minimum net annual income of Rs.1.50 Lakh from farm / allied activities / other sources and should own minimum 2 acres of perennial irrigated land or minimum 4 acres of seasonally irrigated land. (including co-applicant/s)
- Income Certificate issued by Tahasildar/ Block Level Revenue Authority/Mandal Revenue Officer/ Revenue Department officer having State level Gazetted rank with minimum annual income of Rs. 1.50 Lakh from farm / allied activities / other sources.
|
Loan Amount | Maximum Rs. 2 Lakh |
Margin | Minimum 25% of the cost of Vehicle (i.e. Ex Showroom price + RTO Charges + Insurance Charges) |
Rate of Interest | 1 Year MCLR + 3.15 % P.A. |
Security | - Loan amount upto Rs. 2.00 lakh
- Hypothecation of Vehicle.
- Loan amount above Rs. 2.00 lakh
- Hypothecation of Vehicle
- Mortgage of Land / Third Party Guarantee
|
Repayment | - The entire loan along with interest shall be repaid within a period of 5-7 years. The repayment would be monthly / quarterly / half- yearly / yearly instalments depending upon generation of income / cash flow.
- The repayment shall be linked to harvesting season of the main / cash crop / income generation cycle of the activity.
|
Insurance | Asset created have to be insured for full value. |
Other Terms & Conditions | - KYC norms to be followed scrupulously.
- CIBIL report/RBI defaulter list should be obtained and verified.
- All documents should be submitted in original before disbursement of the loan.
- Disbursement through RTGS, only in favour of dealers on ascertaining the Account details
- Invoice / Receipt, Copy of RC Book with Banks charge and Insurance with bank clause is required.
|
Paper requirement | - Loan application ie Form No -138, & Enclosure – B2
- All 7/12, 8 A, 6 D extracts of the applicant
- In case of Co-Applicant is salaried or businessmen, the latest salary slips / ITR / Form 16 / Balance Sheet & P/L staments
- No dues certificates of the applicant from surrounding financial institutions including PACS
- Legal search from advocate on Bank’s panel where land is to be mortgaged for 30 years
- Price quotations of Vehicle from Authorized Dealers.
- Valuation Certificate from Registar / Sub – Registar of the area
- Guarantee form F-138
- All 7/12, 8 A & PACS dues certificate of the guarantors
- In case of Guarantor is salaried or businessmen, the latest salary slips / ITR / Form 16 / Balance Sheet & P/L
|
Apply Online