Target Group
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- All Farmers (owner farmers only) - Individual / Joint borrowers who are owner farmers and cultivators.
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Purpose
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- For purchase of Two wheeler (New Vehicle only). Electric vehicles can also be purchased
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Eligibility
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- 18 - 55 years
- Farmer should own minimum 2 Acres of Agricultural land Wet or 4 Acres of Dry Agricultural land.In case of Dry Land, irrigation facility must be ensured.
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Eligible Amount
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- Up to 85% of total on-road price inclusive of registration, road tax and insurance subject to the maximum of 1.50 lakhs.
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Margin
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- 15% of total on-road price as per the quotation.
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Quantum of Loan
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Rate of Interest
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Please refer to Loan Interest Rates Page
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Security
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- Hypothecation of Vehicle
- Wherever collateral security is already available, it may be extended at to vehicle loan also (In case of existing borrowers and if EM/RM is available). Registration of extension of EM is mandatory.
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Security Coverage
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Lien
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- Bank’s lien should be noted in RC Book.
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Insurance
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- Insurance with Bank clause at Borrower’s cost
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Repayment Period
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- Max of 60 EMIs
- Repayable in Half-yearly Instalments
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Guarantee
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- Third party guarantee from a solvent person
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Processing Charges
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How to Apply
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- Please contact nearest Saptagiri Grameena Bank Branch for more details
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