Farmers, Individuals, proprietorship/partnership firms corporates, FPO/FPC and cooperatives in rural areas (engaged in agriculture/ allied activities/ agri infrastructure/ ancillary activities)
Quantum of finance
Based on cost of vehicle to be purchased maximum amount of Rs.1.00 crore
Security
Loan Amount
Security
Loan Limit Up to Rs.5.00 lakh
Hypothecation of the vehicle financed. Our hypothecation charge to be registered with RTO
Comprehensive insurance of the vehicle with bank clause
Loan Limit above Rs.5.00 lakh
Hypothecation of the vehicle financed. Our hypothecation charge to be registered with RTO
Comprehensive insurance of the vehicle with Bank clause
Collateral security of equal or more than 60% (50% if TDR, LIC, NSC/KVP, etc.) of loan amount is required. Collateral Security includes mortgage of agri land, demarcated open plot, residential/commercial property etc.
Rate of interest
Interest Rates as decided by the Bank from time to time.
Repayment
Type of vehicle
Repayment Period*
New/E-Vehicles
Second hand Vehicles
Two wheeler
3 years
No Finance
Three Wheeler
4-5 years
3 years
Four Wheeler & Other Vehicles
5-7 years
4 years
To Know more about our products, just give a missed call to 8010968370 or SMS < VAHAN >to 7669021290.
