Beti Bachao Beti Padhao

Scheme for financing farmers for Purchase of Vehicles (Four Wheelers)

Scheme for financing farmers for Purchase of Vehicles (Four Wheelers)
FacilityAgricultural Term Loan (ATL)
PurposePurchase 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.
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 AmountMaximum Rs. 20.00 Lakh
MarginMinimum 15% of the cost of Vehicle (i.e. Ex Showroom price + RTO Charges + Insurance Charges)
Rate of Interest1 year MCLR +0.25 % P.A.
Security
  1. Loan amount upto Rs. 1.60 lakh
    • Hypothecation of Vehicle.
  2. Loan amount above Rs. 1.60 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.
InsuranceAsset 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
  1. 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.
  2. 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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