| Facility | Agricultural Term Loan (ATL) |
| Purpose | Purchase of brand new vehicle (four-wheeler) including Car, Jeep, Pick-ups, SUVs, Multi Utility Vehicles (MUVs), Rural Transport Vehicles,( including Electric Vehicles) etc., for supervising agricultural operations / effective management of farm / estate and for transportation of agricultural produce / inputs, labours, 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.
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| Income & Land holding criteria | A. Agriculturist having own Agriculture Land: -- The applicant/s should have minimum net annual income of Rs.3.00 Lakh from farm / allied activities / other sources and should own minimum 3 acres of perennial irrigated land or minimum 6 acres of seasonally irrigated land (Including the Co-applicant/s)
- Income Certificate issued by Tahasildar/ Block Level Revenue Authority/Mandal Revenue Officer/ Revenue Department officer having State level Gazetted rank compulsory with minimum annual income of Rs. 3.00 Lakh from farm / allied activities / other sources.
B. Agriculturist does not have own Agriculture Land but engaged in allied activities such as Dairy, poultry, sericulture, fisheries etc including Agri Infrastructure and Agri Ancillary activities.- The applicant/s should have minimum net annual income of Rs.3.00 Lakh from farm / allied activities / other sources.
- Income Tax Return filed by applicant for last 2 financial years as income proof and should have minimum net annual income of Rs. 3.00 Lakh from farm / allied activities / other sources.
Note: The Income of Spouse/Father/Mother/Son/Daughter in-Law can be considered as co-applicant for deciding the quantum of loan and repayment. A cap on deduction from the Applicant and Co-applicant should be maintained in ratio of 70:30. |
| Loan Amount | Maximum Rs. 20.00 Lakh |
| Margin | Minimum 15% of the cost of Vehicle (i.e. Ex Showroom price + RTO Charges + Insurance Charges) |
| Rate of Interest | 1 year MCLR +0.25 % P.A. |
| Security | - Loan amount upto Rs. 1.60 lakh
- Hypothecation of Vehicle.
- Loan amount above Rs. 1.60 lakh
- Hypothecation of Vehicle
- Mortgage of Land / Third Party Guarantee
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| 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.
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| 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.
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| 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.
- 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
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