Existing borrowers who are owner cultivators having minimum 2 acres of double cropped area / 5 acres of single cropped area.
All farmers below the age limit of 55 years.
Women Farmers are also be considered.
Loans considered in the name of son / daughter, if the farmer has become ineligible due to age factor.
Purpose:
Purchase of Two Wheelers & Four Wheelers
Amount of Finance:
75% (In case of other farmers)/85%(in case of Small and Marginal farmers) cost of the two-wheeler vehicle, inclusive of life tax and insurance, etc. Subject to a maximum amount of Rs. 40,000/- will be considered under the scheme for purchase of two wheelers of standard make from authorized dealers.
75% (In case of other farmers)/85%(in case of Small and Marginal farmers) cost of the four-wheeler vehicle, inclusive of life tax and insurance, etc. Subject to a maximum amount of Rs.3,00,000/- will be considered under the scheme for purchase of four wheelers of standard make from authorized dealers.
Repayment Schedule : Ten half yearly linked to harvesting season along with production credit liability and investment credit instalment.
Rate of Interest: Base Rate 8.25 + 4.25 = 12.50 % p.a.
Term premia of 0.25% applicable if the repayment exceeds 3 years.
Margin:
Minimum of 25%(in case of other farmers and 15% in case of Small and Marginal Faarmers) of the vehicle cost including insurance and life tax.
Repayment:
10 Half yearly installments linked to the harvesting season along with the production credit liability and investment credit installments.
Others:
Vehicle to be hypothecated to the bank.
'C' Book endorsement incorporating Bank's lien.
Insurance with Bank's clause.
Suitable guarantee of third party.
Collateral Security in the form of Mortgage for limits exceeding Rs.1,00,000/-
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