United Krishija Laghu Paribahan Yojana
1.Objective
To provide financial assistance
to the farmers for acquiring three wheelers, to be used as a transport equipment for
carrying agricultural inputs and farm produces. |
2. Area of operation
Through all rural and semi
urban branches. |
3. Eligibility
The farmers owning lands or no
land but having driving license will be eligible for the loan. |
4. Quantum of loan
Maximum upto Rs.1.00 lac. |
5. Margin
15% of the cost of vehicle,
Margin may be reduced to 5% in cases where additional security in the form of bank's own
term deposit/NSC/KVP is offered covering upto 10% of the amount of loan. |
6. Security
Primary |
: |
The
vehicle and all its accessories.; |
Additional |
: |
i. |
For loans upto
Rs.50,000/- .... Nil |
| |
|
ii. |
For loans above
Rs.50,000/- Mortgage of land or third party guarantee acceptable to the Bank / Lien on
term deposit / NSC / KVP (10%) |
7. Rate of interest : Rates of interest
is subject to change from time to time as per H.O. Circular.
The current rate of interest for different
scheme given in separate chapter of the Manual of Instruction.
8. Processing fee
1% of the sanctioned loan
amount. |
9. Nature of loan
Direct lending to agriculture
under MTFL. |
10. Documents
i. |
D.P. Note |
ii. |
Hypothecation of
transport equipment |
iii. |
All documents
related to creation of mortgage / lien of term deposit etc. wherever applicable. |
Copy of the blue book with bank's name as
hypothecatee and duplicate ignition key to be kept with documents.
11. Disbursement
Directly to the supplier of
vehicle by way of P.O./D.D. etc. under instruction from the borrower. |
12. Repayment
Repayable in 40 monthly
instalments commencing from 30 days of the commissioning of the vehicle on the road. |
13. Insurance
Comprehensive insurance policy
should be taken at the borrower's cost with bank's clause. |
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