Federal Agri Mobile Scheme
Features & Benefits
With our Agri Mobile loan, get finance for new or used vehicles for agricultural needs. 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.
*Conditions apply
Documents Required
- 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.
Terms and Conditions
Used Two Wheelers & Used Three Wheelers will not be financed under the scheme.
Loan Amount
- 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
Security
Other conditions
- 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.
Interest Rates & Charges
- Please visit the Interest Rates page for details
Explore Other Agri Loans
AGRI FARM CREDIT LOANS
Features & Benefits
Loans to individual farmers [including Self Help Groups (SHGs) or Joint Liability Groups (JLGs) i.e. groups of individual farmers, provided banks maintain disaggregated data of such loans and Proprietorship firms of farmers, directly engaged in Agriculture and Allied Activities, viz. dairy, fishery, animal husbandry, poultry, bee-keeping and sericulture. Loans sanctioned to Corporate farmers, Farmer Producer Organisations (FPOs)/(FPC) Companies of Individual Farmers, Partnership firms and Co-operatives of farmers engaged in Agriculture and Allied Activities are also eligible under farm credit subject to specific conditions.
AGRI INFRASTRUCTURE LOANS
Features & Benefits
Loans provided for construction of storage facilities, soil conservation and watershed development, Plant tissue culture and Agri-biotechnology, seed production, production of bio-pesticides, bio-fertilizer, and vermi composting are eligible to be classified under Agri infrastructure. Loans for construction of oil extraction/ processing units for production of bio-fuels, their storage and distribution infrastructure along with loans to entrepreneurs for setting up Compressed Bio Gas (CBG) plants are also eligible as per revised RBI guidelines.
AGRI ANCILLARY SERVICES
Features & Benefits
Loans to co-operative societies of farmers for purchase of the produce of members , Loans for setting up of Agri-clinics and Agri-business centres, Loans to Start-ups that are engaged in agriculture and allied services, Loans to Custom Service Units who undertake farm work for farmers on contract basis are eligible under this category. Loans provided for Food and Agro-processing up to an aggregate sanctioned limit of ₹100 crore per borrower from the banking system is also eligible under Ancillary services. Loans sanctioned by banks to MFIs and NBFCs complying specific conditions stipulated by RBI for on-lending to agriculture sector will also qualify under this head. In addition to these Bank loans to Primary Agricultural Credit Societies (PACS), Farmers’ Service Societies (FSS) and Large-sized Adivasi Multi-Purpose Societies (LAMPS) for on-lending to agriculture will qualify under ancillary category for priority classification.
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