Scheme for financing farmers for Purchase of Vehicles (Four Wheelers)
|Scheme for financing farmers for Purchase of Vehicles (Four Wheelers)|
|Facility||Agricultural Term Loan (ATL)|
|Purpose||Purchase of brand new Four Wheel vehicles i.e. Car, SUVs, Jeep, Van & other Light Motor Vehicles / Multi Utility Vehicles (MUVs) for supervising agriculture operations / effective management of farm / estate and for transportation of agricultural produce / inputs, labour etc|
- 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.
- 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 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
|Loan Amount||Maximum Rs. 10.00 Lakh|
|Margin||25 % of the cost of vehicle plus RTO charges.|
|Rate of Interest||1 year MCLR +0.25 %|
- 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
- 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.
- 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