Particulars

Guidelines

Target Group

Individual woman farmers involved in Agri entrepreneurship, engaged in Agri & Agri allied activities with focus on SHG members.

Type of Loan

Term Loan (Digital product only)

Purpose

Financial assistance to women for purchase of eco-friendly electric bikes (Two-wheeler) with a view to facilitate mobility and enhancing easiness in their farm operations, empower women farmers and promote environmentally sustainable financing

Quantum of Loan

• Minimum: Rs.50,001/-
•  Maximum: Rs.2,00,000/-

Assessment of credit Limits

• Loan amount is restricted to Vehicle cost only. i.e. Ex-Showroom Price Only.
• Registration, Insurance and any other costs to be borne by the borrower.

Margin

• If the total aggregate loan amount of existing & proposed Agri loan is less than or equal to ₹2.00 lakh, margin is NIL. If it exceeds 2 lakhs, margin is 10%.

Rate of Interest

Please refer the Lending Rates link on home page in our Bank’s Website www.indianbank.bank.in.

Repayment & Frequency

• Loan amount upto Rs.1,00,000/- - 36 Months
• Loan amount from Rs.1,00,001/- to Rs.2,00,000/- - 48 Months
• Monthly repayment frequency, no moratorium

Security

• Primary Security: Hypothecation of vehicle purchased out of Bank Finance.
• Credit Guarantee Coverage: Mandatory coverage under CGFMU.
• Collateral & Personal Guarantee: No Collateral Security or Third-Party Guarantee

Processing & other charges

As per circular on service charges related to Agri advances issued from time to time.

Other guidelines

Vehicle should be registered with Regional Transport Authority. (Electric Two wheelers which are exempted from registration are not eligible under this product)