Federal Agri Mobile Scheme
- Features & Benefits
- How to apply ?
- Documents Required
- Repayment Options
- Other Terms and Conditions
- Interest Rates & Charges
- 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*
- Loan amount will be up to 90% of ex showroom price for new vehicles. For used vehicles*, 80% of depreciated / market / purchase value whichever is less.
- Repayment can be done in easy Installments
Loan can be used for acquiring all types of vehicles such as Jeeps, with or without Trailers, Multi utility vehicles, SUV, LUV, Pickup Vans, Trucks Lorries etc. and Farm Machinery like Earth moving equipments, combined / harvesters, threshers etc. for agricultural purpose / farm supervision / transportation of agricultural produce and inputs / laborers / managing allied activities and other farming related activities (including two wheelers and three wheelers) both new and used.
Who can apply?
- Partnership firms
- Corporate planters
How to avail the loan?
To avail the loan, you can choose any of these:
- Download the application form and submit it your branch
- Call our contact centre executives
- Please visit any of our branches
- 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.
Repayment can be made as Equal monthly / quarterly / half yearly installment.
Repayment of the loan can be made using any one of the ways
Used Two Wheelers & Used Three Wheelers will not be financed under the scheme.
- For new vehicles - 90% of the ex showroom price.
- For Used vehicles - 80% of depreciated / market / purchase value whichever is less. Depreciation is calculated in straight line method - 15% for the first year and 10% for subsequent years.
- Part of the year shall be counted as one year.
Period of the loan
- 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.
- Please visit the Interest Rates page for details