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

• 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 applicant/s should possess a valid driving license or engage driver possessing valid driving license.
• The applicant or any member of the family should not be defaulters to any bank or financial institutions.
• Multiple banking is not allowed.

Age Limit:

• For individuals: 18 years and above.
• Maximum Age at Maturity of loan should not exceed 70 years.

• The applicant/s should have net annual income of minimum Rs.3.00 Lakh from farm / allied activities / other sources and should own minimum 4 acres of perennial irrigated land or minimum 6 acres of seasonally irrigated land

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

• 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.

• 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.

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