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Agri Vehicle Loan

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Agri Vehicle Loan -

MGB understands the importance of vehicle for growth of your agricultural business. We of-fer attractive loan options for the same

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

  • Limit
  • Two Wheeler : Maximum Rs.1 lakh
  • Other Vehicles: Rs.20 lakh
  • Margin
  • New Vehicles – 10%
  • Pre-owned Vehicles – 30%

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

  • For Loan interest rates click here

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