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  • No upper limit in loan quantum.
  • Upto 90% financing for new vehicle.
  • Minimal processing charges.
  • Lower Rate of Interest.
  • Reducing Balance Interest Rate.
  • No pre-payment penalty.
  • Quick loan approval & disbursement.
  • Financing of 2nd & subsequent vehicle purchases.
Purpose Purchase of Four wheelers (LMVs) of all types i.e., both Brand new & Pre-owned, by Agriculturists whose major annual income is from Agriculture
Quantum
  • 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%).
Income Proof & NTH (Net Take Home)
  • 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
Processing charges
  • 0.25% on the loan amount with a minimum of Rs.1000/-+GST and maximum of Rs.5000/-+GST
  • Bank is celebrating Retail Loan Festival and waiver of 50% processing charges from 01.06.2024 to 30.06.2024.
Repayment Tenure
  • 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

Margin for new vehicle

4 wheeler Loan Amount for new vehicle Margin for existing customer Margin for new customers
Up to Rs.10.00 Lakh 10% 20%
above Rs.10.00 Lakh and up to Rs. 25.00 Lakh 15% 25%
Above Rs. 25.00 Lakh 20% 30%

*All other terms and conditions shall apply.

  • All agriculturists owning and cultivating agricultural lands of more than 5 acres of irrigated lands/10 acres of dry lands in their name/s with 2 years of satisfactory dealing with us.
  • In case of agriculturists engaged in Dairy farming, Poultry farming, Plantation Crops and Horticultural produce, the minimum land holding requirement does not apply, instead they should have minimum gross annual income is Rs.4.00 lacs.
  • Stipulated Loan Application with 2 passport size photos of applicant / Co-applicants or guarantor.
  • KYC documents of applicant/ Co-applicants or guarantor.
  • Proof of Residence (Driver’s License/Voter Id/Passport / Aadhar Card / Electricity Bill/Telephone Bill etc., /Business Proof related GST and others.
  • In case of salaried persons:

    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.

  • In case of self-employed persons:

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

  • Quotation of Vehicle from Authorized Dealer.
  • Valuation Report of Automobile engineer in respect of use vehicles (if applicable)
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Last updated on 25-09-2023 12:06 AM

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