AGRI TRANSPORT SCHEME

1. What is the purpose of this scheme?

Purchase of 2 wheelers(Motorbikes/ Scooters /Mopeds etc.), 3 wheelers (Goods vehicle), 4 wheelers like cars, SUVs, Jeeps, pickup Trucks & Trucks etc., Purchase of New Electric Two & Four wheelers by farmers for commuting to farm, Transport of inputs /material/Produce to and from farm and market survey etc.

2. Who are the eligible for applying the loan under this scheme?

Farmers having financially viable income, involved in Agriculture & allied activities.

3. What is the Type of Facility?

Loan sanctioned as term loan

4. What is margin requirement?

Loans Upto Rs. 1.60 Lakhs: Nil

Loans above Rs. 1.60 Lakhs: 10 % for New & 25 % for Second Hand Vehicles.

5. What is the maximum Quantum of loan under this scheme?

No maximum Quantum

For loans upto Rs. 1.60 Lakhs: Entire cost of vehicle would be financed as per quotation

For loans above Rs. 1.60 Lakhs: 90% of the cost for new vehicles 75% of the cost for old vehicles (Excluding electric vehicles)

6. What are security requirements for loan under this scheme?

Up to Rs.25 Lakhs: Hypothecation of Crops & Vehicle to be purchased (hypothecation charge on vehicle should be registered with RTA and ensured that Bank's lien is recorded in registration book)

Above Rs. 25 Lakhs: Along with hypothecation of Crops & Vehicle, suitable tangible collateral security will also be obtained. The value of Prime and Collateral security should be minimum of 200%

7. What is the Repayment period for this loan?

2 Wheelers- Maximum 5 years, Other Vehicles- Maximum up to 10 years depending on the repayment capacity and cropping pattern

8. What is the applicable Interest Rate?

1 Year MCLR + Spread (8.80% + 1.35% = 10.15 % at present)

Special Concession in Interest Rate is applicable as mentioned below:

i) CIBIL More than 750 - 0.25%

ii) Prompt renewal of KCC for the past two years (principal + interest) - 0.25%, Total rate of concession will be 0.50% if above two conditions are satisfied. Subject to the rate not falling below MCLR.