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Bank of Baroda, for rural India, with rural India.

Two Wheelers (Motorcycle/Scooter) Loan to Farmer

  • Benefits
  • Features
  • Eligibility Criteria
  • Document Required
  • Fees & Charges
  • Most Important Terms & Conditions (MITC)

Two Wheelers (Motorcycle/Scooter) Loan to Farmer : Benefits

  • Nil Pre-payment Charges
  • Low Rate of Interest

Two Wheelers (Motorcycle/Scooter) Loan to Farmer : Features

Loan is sanctioned to a farmer for purchase of new two-wheeler (motorcycle/scooter)

Two Wheelers (Motorcycle/Scooter) Loan to Farmer : Eligibility Criteria

All new and existing farmers engaged in Agriculture and / or agriculture allied activities having repayment capacity based on crops grown / allied activities / other sources.

Two Wheelers (Motorcycle/Scooter) Loan to Farmer : Document Required

  • KYC Documents (AADHAR, Voter ID, PAN Card, Driving License etc.)
  • Passport Size photo
  • Quotation/Invoice (if available)
  • Land Records
  • IT Returns (if available)

Two Wheelers (Motorcycle/Scooter) Loan to Farmer : Fees & Charges

Processing charges:

  • Aggregate Agriculture exposure of Rs. 3.00 Lakhs- Nil

For Term Loan

  • Above Rs 3 Lakhs - 1 % of the limit sanctioned with a maximum of Rs 100 lacs.

Inspection Charges:

  • Agriculture exposure upto Rs. 3.00 Lakhs- Nil

Two Wheelers (Motorcycle/Scooter) Loan to Farmer : Most Important Terms & Conditions (MITC)

Age Criteria Minimum - 21 years Maximum-up to 65 years as on the date of availing of facility. If the age of farmer exceeds 60 years, in such case the son to be made co-borrower.
Eligibility Criteria All new and existing farmers engaged in Agriculture and / or agriculture allied activities having repayment capacity assessed by the branch based on crops grown / allied activities / other sources.
Quantum of Loan Maximum loan Amount is Rs 3.00 Lakhs
Repayment

For Loan amount upto Rs.1 Lakh: The installment can be fixed on monthly/quarterly/half-Yearly/yearly basis depending upon cropping pattern/ allied activities/other source of income.

For Loan amount above Rs. 1 Lakh: Installment frequency will be monthly with a maximum moratorium period of 1 month.

Security Hypothecation of vehicle
Rate of Interest One year MCLR + SP
Insurance Comprehensive insurance of the vehicle is to be done with Bank’s clause.

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