Maharashtra Gramin Bank

Purpose

For purchase of Brand New Two Wheelers / Four wheelers like jeep, van,tempo for supervision/management of farms/agricultural operations and transportation of agricultural produce, inputs, labour, etc
In the case of pre-owned vehicles, the age of the vehicles should not be more than 2 years.
Pre-owned Two Wheelers are not eligible under the scheme

Eligibility

For Two Wheeler Loan :
Farmers having own cultivation of minimum 50 cents (self or in spouse name)
Farmers doing farming in leased land of 1 acre or more
Farmers undertaking allied activities which require a vehicle for mobility
For Four Wheeler Loan :
Minimum land holding should be one acre
Farmers cultivating on land or engaged in allied activities like dairy, poultry, fish farming and other agricul-tural activities where there is a need for a four wheeler for their agricultural operations

Limit & Margin

Security

Upto 5 lakhs
Hypothecation of Vehicle
& Guarantee of credit worthy person having adequate netwoth and attachable income
Above 5 lakhs
Hypothecation of Vehicle
Vehicle & Equitable mortgage of landed property valued 150% of loan amount

Repayment

Brand New Vehicle
Two Wheeler : Within 5 years in monthly/quarterly installments
Four Wheeler : Within 7 years in monthly/quarterly/half yearly installments
Pre-owned Vehicle
Within 5 years, subject to the economic life of vehicle as per road worthiness certificate in monthly/quarterly installments.

Interest Rates & Charges