SGB KISAN BIKE LOAN SCHEME


Target Group
  • All Farmers (owner farmers only) - Individual / Joint borrowers who are owner farmers and cultivators.
Purpose
  • For purchase of Two wheeler (New Vehicle only). Electric vehicles can also be purchased
Eligibility
  • 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.
Eligible Amount
  • Up to 85% of total on-road price inclusive of registration, road tax and insurance subject to the maximum of 1.50 lakhs.
Margin
  • 15% of total on-road price as per the quotation.
Quantum of Loan
  • 1.50 lakhs
Rate of Interest
Please refer to Loan Interest Rates Page
Security
  • 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.
Security Coverage
  • 150 %
Lien
  • Bank’s lien should be noted in RC Book.
Insurance
  • Insurance with Bank clause at Borrower’s cost
Repayment Period
  • Max of 60 EMIs
  • Repayable in Half-yearly Instalments
Guarantee
  • Third party guarantee from a solvent person
Processing Charges
  • 1% + GST
How to Apply
  • Please contact nearest Saptagiri Grameena Bank Branch for more details
Designed by Yaswanth Gupta Bondada & Raghav Vellore