Bank Of Baroda Financing Four Wheeler Loans To Farmer Loan
Purpose of Financing Four Wheeler Loans To Farmer Loan
Providing Four Wheeler loan to a Farmer to purchase any new four-wheeler including jeep, SUV, station wagon, rural transport vehicle etc., for use in their farm management activities
Eligibility for Financing Four Wheeler Loans To Farmer Loan
- 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 should have minimum land holding of 4 acres perennially irrigated land or 8 acres of seasonally irrigated land
Documents Required for Financing Four Wheeler Loans To Farmer Loan
- KYC Documents (AADHAR, Voter ID, PAN Card, Driving License etc.)
- Passport Size photo
- Quotation/Invoice (if available)
- Land Records
- IT Returns (if available)
Features and Benefits of Financing Four Wheeler Loans To Farmer Loan
Quick Processing
After you submit the loan application along with required documents, Bank Of Baroda will verify your application. If all the things are found correct, your loan application will be approved by the bank and you will be informed about the same. The loan amount will be released soon after the approval.
Minimal Documentation
For applying for agriculture loan, applicants are required to submit very limited documentation such as an identity proof, address proof, photograph, land ownership proof, etc. These documents are very easily available with the applicants. They need to enclosed the same with the loan application form.
Attractive Interest Rate
Bank Of Baroda offers Financing Four Wheeler Loans To Farmer Loan at very attractive and competitive interest rate starting from 8.80% p.a. Being the interest rate on lower side, the overall cost of your loan will also be lower.
Interest Rate for Financing Four Wheeler Loans To Farmer Loan
9.00%
Disclaimer: Agriculture Loan interest rates keep on changing. You are advised to check the interest rates with banks before making any decision. Source: Bank Websites
Processing Fees of Financing Four Wheeler Loans To Farmer Loan
- Upto Rs. 3 lakh : NIL
- Above Rs. 3 lakh to Rs. 30 lakh: 1% of the limit sanctioned
Other Fees & Charges for Financing Four Wheeler Loans To Farmer Loan
- Outstation Cheque Charges: N.A.
- Late Payment Penalty: 2% per month on overdue amount
- Charges on Part Disbursement: Nil
- EMI Cycle Change Charges: Rs 500
- Cheque Swapping Charges: Rs 500
- Legal, valuation and vetting charges: At actuals
- Stamp Duty and other statutory charges: At actuals as per applicable laws of the State
Repayment Tenure of Financing Four Wheeler Loans To Farmer Loan
The repayment tenure differs from lender to lender. In case of cash credit, it is usually less than 1 year and for long term loans, it varies from 3 to 9 years. There are various flexible loan repayment options available to repay the loan such as monthly, half yearly and yearly instalments, you can select any of them based on your income and repayment capacity.
Why Select Bank Of Baroda Financing Four Wheeler Loans To Farmer Loan?
- Dedicated customer support & service
- Wide network of branches across India
- Multiple loan repayment options
- Attractive & competitive interest rates
- Project assessment capability is available
How to Apply for Bank Of Baroda Financing Four Wheeler Loans To Farmer Loan?
There are following steps through which you can apply for Financing Four Wheeler Loans To Farmer Loan and avail it easily:
(1) Visiting nearest branch of Bank Of Baroda
You can search for and visit your nearest branch of Bank Of Baroda .
(2) Meet the Authorised Official
Meet the official authorised for handling agriculture loan related matters in order to get the advice on your eligibility, documents required, interest rate and can take their help in the loan application process.
(3) Obtain Loan Application Form
Obtain the loan application form from the branch.
(4) Fill up Loan Application Form
Fill up the form properly. Mention the details required in the form. Fill up the form in "Capital Letters". In case of any query in filling up the form, discuss with the official.
(5) Attach Required Documents
Attach a copy of the required documents such as Valid Identity Proof, Valid Address Proof, Land ownership/cultivation proof, etc. with the loan application form.
(6) Submit Loan Application Form along with Required Documents
Submit the loan application form along with required documents to the branch and ask for its acknowledgement.
(7) Processing of Loan Application
After you submit the loan application along with required documents, Bank Of Baroda will verify your application.
(8) Approval of Loan
If all the things are found correct, your loan application will be approved by Bank Of Baroda and you will be informed about the same.
(9) Disbursement of Loan
The loan amount will be credited to your bank account soon after the approval.