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Star Krishi Vaahan

Purpose

Purchase of new vehicles/ Second hand vehicles

Eligibility

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