Purchase of Four wheelers (LMVs) of all types i.e., both Brand new & Pre-owned, by Agriculturists whose major annual income is from Agriculture

• No upper Limit and maximum quantum shall not exceed One years annual income of the Borrower/Borrowers
• In case of Old Vehicle, vehicle should not be more than 3 years old & quantum of finance to be granted will be the least of the following:
  • 60% of the value of vehicle as appraised / assessed by an automobile engineer.
  • 60% of the price agreed to between the seller and the buyer.
  • 60% of the original purchase price of the vehicle.
  • Rs.50.00 lacs (after maintaining a minimum margin of 50%).

• In case of loans upto Rs. 10 Lacs, though it is desirable to submit latest ITR where agricultural income is also declared for ascertaining the gross annual income, in case of non-availability of ITR, Income certificate issued by the Tahsildar/Mandal Revenue Officer/District Revenue Authorities or any competent authority (Permitted by the State Govt. to issue such certificates) may be accepted as proof of income for reckoning the eligibility/NTH.
• In case of loans above Rs. 10 Lacs, ITR where agricultural income is also declared is compulsory.In case of non-availability of ITR, the same to be considered selectively subject to production of documentary evidence acceptable to the Bank.
• Net Take Home (NTH) should be 40% of gross annual income at the time of applying for loan (after meeting the installment for the proposed loan under this scheme) with a minimum of Rs. 1.50 lacs/-p.a.
• Where borrower is having non-agricultural income of regular nature (either through salary, business or profession), the same may also be reckoned for determining the repayment capacity. However, adding the non-agricultural income shall be subject to the income being declared in ITAR or subject to production of documentary evidence acceptable to the Bank

• 0.25% on the loan amount with a Minimum of Rs. 1,000/- & maximum of Rs. 5,000/-
• Bank is celebrating Retail Loan Festival and waiver of 100% processing charges from 01.09.2023 to 31.12.2023

• Maximum period: 84 months for new vehicles
• In case of second hand vehicles, the repayment period is restricted to future life of vehicle as specified by a qualified automobile Engineer or 60 months whichever is less.
• The periodicity of repayment i.e., monthly /quarterly/ half yearly / yearly should be fixed depending upon the activity carried on by the borrower / income stream of the borrower / cropping pattern etc.

Margin for new vehicle

*All other terms and conditions shall apply.

Latest 6 months’ salary slips (including Co-applicants) and Form No.16 & ITR if any. supported by Employee ID/Appointment Letter/ Confirmation in services evidencing duration of the employment/3 years IT Returns & in case of NRI copy of work permit.

IT Returns filed for the past three assessment years along with Balancing sheet/Profit & Loss accounts if any.,