Purpose

For purchasing of new two/three/four wheelers/trucks/jeeps/pickup vans, Refrigerated Van, Delivery Vehicles, Mini Trucks, Vehicle with trolley etc. by the agriculturists.

Eligibility

• The applicant should be an agriculturist having sizeable own land.
• Age of borrower restricted to 70 years.

Loan Limit

• 85% of the cost of the vehicle (Ex-showroom price) excluding insurance charges & registration charges, etc. subject to:

Margin

15% of the cost of the vehicle. All other charges & Taxes like insurance charges & registration charges, etc. is to be borne by the Applicant.

Security

• Loans up to Rs.1.60 lakh –

Hypothecation of vehicle & accessories.

• Loans above Rs.1.60 lakh-
  • Hypothecation of vehicle & accessories and;
  • Mortgage of land (Accepted value of land should not be less than 50% of loan amount) &/ or third party guarantee (means should not be less than 100% of loan amount).

Guarantee

• Guarantee of spouse must be obtained. In case borrower is single (Unmarried/ Widow/ Divorcee), 3rd party guarantee having means of at least equal to loan amount be obtained.

Income criteria

• Preferably Income tax return filed by borrower for last financial year should be obtained as income proof. 

OR

• In case Income Tax Return is not available, Income Certificate issued by Tehsildar / Block Level Revenue Authority should be obtained.

Repayment Period

Forms & Documents

Appropriate DPN note, Deed of Guarantee, Letter of continuity,  Hypothecation agreement, Hypothecation of vehicle agreement, Mortgage deed ,Letter of general lien and setoff, Comprehensive insurance policy of vehicle with third party coverage ,Lien of Bank in RC book, Blank TTO forms -28,29,30&35. and any other document stipulated in sanction