IOB KRISHI VAAHAN

Commercial Vehicle Loans for Agriculturists

Scheme

Purpose

Purchase of Two-Wheelers, Three-Wheelers & Four-Wheelers

Second hand 4-wheeler vehicles (only Petrol & Diesel) are permitted where the age of the vehicle should be less than 3 years.

Fuel Type: Petrol, Diesel, CNG, LPG, Electric (Battery/Hybrid) etc.

Electric vehicles can be financed from all manufactures.

Eligibility

Target Audience

Individuals, Proprietary concern, Partnership Firm, Private Limited Company, Public Limited Company, LLP, OPC etc.

Age Criteria

Minimum 18 years

Income Proof

Income tax return filed for the last financial year

(or)

Income Certificate issued by Tahsildar/ Block level revenue authority

(or)

Proof of annual income from Agriculture and any other income.

Income from spouse/ children will also be taken into consideration. In such case, spouse/ children will be added as co- applicant.

Financials

Quantum

No Minimum & No Maximum

Margin

Up to Rs.2.00 Lakhs - Nil

&

Above Rs.2.00 lakhs -

New Vehicles - 10% & Old Vehicles - 25%

Rate of interest

Ranges from 9.35% - 10.05% as per rating

Interest concession

Women borrowers - 0.50% on the applicable ROI*

CIBIL above 750 - 0.25% on the applicable ROI*

*Any one of the above concessions will be applied

Processing charges

Up to Rs.50,000 /- - Nil

Above Rs.50,000 /- Upfront Fees @ 0.50% Of Term Loan Amount + Applicable GST To Be Collected subject to a maximum of Rs.5000/-

Tenure

Repayment period

Two-Wheeler - 6 years

Four - Wheeler - 7 years

Holiday period

Nil

Security

Up to Rs.50.00 Lakhs

Hypothecation of vehicle & Nil collateral

Above Rs.50.00 Lakhs

Hypothecation of Vehicle & Suitable Collateral or TPG at the Discretion of the Bank.