5. Purchase of Multi Utility Vehicles for Agricultural Purposes

Purpose

For purchase of brand new vehicles such as two wheelers mopeds, motor cycles, scooters, three wheelers, four wheelers, carriages, van, maxi cabs, jeep, car, lorry, truck etc, with accessories for supervising agricultural operation / management of farm/ estate and for transportation of agricultural produce/ inputs, labour, etc.

Eligibility

Farmers whose annual net income from farming and allied activities is more than ` One lac.

Quantum Of Loan

80% of the cost of vehicle or 4 times net annual income whichever is less. Maximum Rs.10 lacs

Margin

20 % of the cost of the vehicle

Repayement

In instalments depending on the income generated from Agriculture. Maximum loan period is 7 years

Security

• Upto Rs. 1,00,000/- : Hypothecation of vehicle.
• Above Rs. 1,00,000/- : Hypothecation of vehicle and guarantee of a person with sufficient worth or mortgage of landed property.

Insurance/Registration

1. Hypothecation to be marked with the Regional Transport Officer
2. Comprehensive insurance with bank clause to be arranged