Financing growth & transforming rural India.
Bank of Baroda, for rural India, with rural India.
Financing Four Wheeler Loans to Farmer
| Particulars | Guidelines under the scheme |
|---|---|
| Purpose | Financing Four Wheeler Loans to a Farmer is sanctioned to purchase any new four-wheeler including jeep, SUV, station wagon, rural transport vehicle etc., for use in their farm management activities. |
| Eligibility | Farmers including those engaged in Allied activities having family income sufficient to repay the loan. If the main source of income of the farmer is from land based activity, farmers with minimum land holding of 4 acres perennially irrigated land or 8 acres of seasonally irrigated lands. |
| Quantum of Loan | New Vehicle: Rs. 30 lakhs |
| Nature of Facility | Term Loan Demand Loan |
| Rate of Interest | One year MCLR + Strategic Premium + 0.25% |
| Margin | 15% |
| Repayment Period | Not exceeding 7 years. |
| Security | Hypothecation of vehicle. |
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