Eligibility:
- Kisan Credit Card (KCC – Crop & KCC – AHF) holders of the Bank with satisfactory repayment record.
- Other farmers who have not availed KCC from the Bank are also eligible, provided they are engaged in agricultural or allied activities like Dairy Farming, Poultry Farming, Plantation Crops, Sericulture, Fisheries etc.
Purpose:
- Purchase of brand new three/four-wheel vehicles such as Cars, SUVs, Jeeps, Station Wagons, Rural Transport Vehicles, Refrigerated Vans, Delivery Vehicles, Vehicles with trolley, Light Motor Vehicles (LMVs) and Multi Utility Vehicles (MUVs) for supervising agricultural operations/ effective management of farm/estate for transportation of agricultural inputs/ produce, labour, visit to market yards etc.
- For purchase of 2nd Hand Four Wheel Vehicles i.e Car, SUVs, Jeeps etc. for supervising agricultural operations/ effective management of farm/estate for transportation of agricultural inputs/ produce, labour, visit to market yards etc.
Amount of Loan:
- For purchase of brand new Vehicle : Maximum amount of loan will be Rs. 30.00 Lakh.
- For purchase of Second Hand Vehicle: Maximum amount of loan will be 75% of depreciated value of Vehicle or 75% of sale value of Vehicle (as per agreement to sell) or 75% of IDV in Insurance Policy or Rs.15.00Lakh, whichever is lower.
Security:
For Loans up to Rs. 2.00 Lakh
- Primary Security:
Hypothecation of the vehicle to be purchased and registration of Bank’s charge with the Regional Transport Authority (RTO).
- Collateral:
No collateral is required for loans up to Rs. 2.00 Lakh under the Agricultural Sector, as per RBI guidelines.
For Loans Above Rs. 2.00 Lakh
- Primary:
Hypothecation of vehicle to be purchased & Bank’s charge to be registered with Regional Transport Authority (RTO).
- Collateral:
- Third Party Guarantee of One person having sound financial net means, acceptable to the bank & good for the loan amount, for loan amount upto Rs.5.00Lakh. However, for loan amount above Rs.5.00Lakh, Third party guarantee of two persons shall be obtained.
- Negative lien on the land/unit with Irrevocable Power of Attorney duly executed by the borrower and attested by the Notary Public concerned to sell the same in case of default.
Repayment:
For purchase of brand New Vehicle:
The loan will be repayable within a maximum period of 84 months.
For purchase of 2nd hand Vehicle:
- Maximum repayment period of 72 months for vehicles having age less than 3 years.
- Maximum repayment period of 48 months for vehicles having age equal to or more than 3 years & upto 5 years.
Processing Charges:
0.25% of the loan amount.
* Conditions Apply