- Speedy loan approval
- Get loan amount upto 90% of ex showroom price
- Loan available for purchase of Two wheelers, Three wheelers, Tractors, Four wheelers and Heavy vehicles
- Minimal paperwork
- Longer repayment period upto 84 Months*
Loans for Allied activity
Loan can be used to purchase a vehicle for all farming and allied activities.
Loan available 90% of the ex showroom price for new vehicle.
Loan for used vehicles
Loan available up to 80% of depreciated / market / purchase value whichever is less, for used vehicles.
- Proof of land holding – Land tax receipt.
- Quotation of the vehicle to be purchased.
- Proof of Identity (Passport / Voters ID card/ Driving License/PAN Card)
- Address Proof (Ration card Tel/ Electricity Bill/ Lease agreement/ Passport/Trade license /Sales Tax certificate)
- Bank Statement (latest 6 months bank)
- In case the applicant is a firm / company, last 2 Years ITRs (computation of income) Balance Sheet and Profit & Loss a/c. Audited or Certified by a CA.
In case finance required for Agri Allied activities, financial statements of the business for the last two years.
Other Terms and Conditions
Used Two Wheelers & Used Three Wheelers will not be financed under the scheme
- New Vehicle – Up to 60 months, If fully secured by collateral immovable security or 50% secured by liquid security – up to 84 months
- Used Vehicle – Up to 36 months, If fully secured by collateral immovable security or 50% secured by liquid security – up to 48 months
- All other vehicles:
- New Vehicle – Up to 84 months
- Used Vehicle – Up to 48 months, If fully secured by collateral immovable security or 50% secured by liquid security – up to 60 months
- For two wheelers: maximum period 36 Months
- For Two / Three wheelers & Power tillers the borrower must have a minimum of 1 acre of productive agricultural land in own name or in the name of close relatives.
- For Tractors & Four wheelers other than heavy vehicles minimum 2.50 acres of productive agricultural land in own name or in the name of close relatives.
- For Heavy vehicles Minimum 20 acres of productive land in own name or in the name of close relatives name.
- Persons engaged in allied activities, like poultry / dairy farms etc - No acreage stipulation.
- The loans are to be granted to persons engaged in production and distribution of commodities from agriculture and allied activities. No stipulation of land holding
- Vehicles/Machinery exclusively to be hired for farming operations/ transportation of agricultural produce and other farming related activities. No stipulation of land holding.
- Net Worth : Double the loan amount.
- If no collateral is taken, Co-obligancy of spouse is mandatory.