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SNo
Parameter
Modified / Revised guidelines
1
Purpose
For purchase of new two/three/four wheelers/trucks/jeeps/pickup vans, Refrigerated Van, Delivery vehicles, Mini trucks, Vehicle with trolley etc. by the agriculturist.
The vehicle should be registered in the main applicant’s name and should be used for personal/business purpose and NOT FOR commercial purpose.
2
Eligibility
3
Loan Limit
Type of Vehicle
Maximum Limit in lakhs
Two-Wheeler
3.00
Three-Wheeler
7.50
Four-Wheeler – OLD
10.00
Four-Wheeler-NEW
25.00
5
Margin
15-40%
On Road price which includes Registration charges, accessories, Insurance & Road Tax are reckoned for arriving at the margin.
6
Rate of Interest
Two-Wheeler vehicle:
Limit
Applicable ROI *
Up to Rs 1.00 lakh
MCLR + 1.50% (Simple)=8.75%
Above Rs 1.00 lac to Rs 3.00 Lac
MCLR + 2.00% (Simple) = 9.25%
Three/ Four-Wheeler Vehicle - NEW:
Up to Rs 5.00 lakhs
MCLR + 0.50%= 7.75% simple
Above Rs 5.00 Lacs to Rs 25.00 Lacs
MCLR + 0.75%= 8.00% simple
Four-Wheeler – OLD:
MCLR+3.00% - IRRESPECTIVE OF LIMIT
7
Income Criteria
OR
75% of net income should be considered for assessment of the repayment capacity.
8
Service Charges
Processing Charges
Flat charges:
Rs 500 to Rs 1000 +GST applicable
9
Security
FOR NEW VEHICLES:
For Loans up to Rs 1.60 Lac
Hypothecation of vehicle and accessories.
For Loans above Rs 1.60 Lac
For FRESH BORROWERS.
10
Repayment Period
Max repayment tenure in months
36
60
84
13
Classification
Priority Sector: Agriculture: FARM CREDIT.