Kerala Gramin Bank Agri Vehicle Loan Loan
Purpose of Agri Vehicle Loan Loan
For purchase of Brand New Two Wheelers / Four wheelers like jeep, van,tempo for supervision/management of farms/agricultural operations and transportation of agricultural produce, inputs, labour, etc. Pre-owned Two Wheelers are not eligible under the scheme. In the case of pre-owned Four wheelers, the age of the vehicles should not be more than 2 years
Eligibility for Agri Vehicle Loan Loan
For Two Wheeler Loan
- Farmers having own cultivation of minimum 50 cents (self or in spouse name)
- Farmers doing farming in leased land of 1 acre or more
- Farmers undertaking allied activities which require a vehicle for mobility
For Four Wheeler Loan
- Minimum land holding should be one acre
- Farmers cultivating on land or engaged in allied activities like dairy, poultry, fish farming and other agricul-tural activities where there is a need for a four wheeler for their agricultural operations
Documents Required for Agri Vehicle Loan Loan
Following basic documents are required for getting Agri Vehicle Loan Loan from Kerala Gramin Bank:
- Valid Identity Proof (any one): Voter ID Card, Aadhaar Card, Ration Card, PAN Card, Passport, Driving License
- Valid Address Proof (any one): Lease deed, Rent Agreement, Passport, Driving License, Ration Card, Utility bill (not more than 3 months old), Bank Statement
- Land ownership/cultivation proof as specified by the lender
- Any other documents as mandated by the lender
Features and Benefits of Agri Vehicle Loan Loan
Quick Processing
After you submit the loan application along with required documents, Kerala Gramin Bank 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
Kerala Gramin Bank offers Agri Vehicle Loan 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 Agri Vehicle Loan Loan
10.60%
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 Agri Vehicle Loan Loan
Processing fee is a one-time charge to be paid by the borrower to the bank. It is charged to cover the costs incurred by the lender to process the loan. As it is not deductible from the loan amount, borrower is required to pay it separately while finally applying for loan. You need to contact the nearest branch to know latest processing fee.
Other Fees & Charges for Agri Vehicle Loan 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 Agri Vehicle Loan 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 Kerala Gramin Bank Agri Vehicle Loan 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 Kerala Gramin Bank Agri Vehicle Loan Loan?
There are following steps through which you can apply for Agri Vehicle Loan Loan and avail it easily:
(1) Visiting nearest branch of Kerala Gramin Bank
You can search for and visit your nearest branch of Kerala Gramin Bank .
(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, Kerala Gramin Bank will verify your application.
(8) Approval of Loan
If all the things are found correct, your loan application will be approved by Kerala Gramin Bank 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.