IND Krishi Vaahan

Target Group:

• All individuals and farmers.

Objective:

• To provide financial assistance for purchase of Tractors- Under Custom hiring – Agri Support Services.

Eligibility:

• A minimum of 1000 hours of productive work in agriculture per year on custom hiring.
• Individuals (1st applicant) having minimum Net Worth of Rs. 5.00 lacs.
• The tractor/ farm machinery should be in the name of the 1st applicant.
• CIBIL score should be >= 700 only.

Type of Facility:

• Term Loan

Quantum of Finance:

• Maximum of Rs. 10.00 lakh/unit.

Margin Norms:

·         20%-30% based on CIBIL & land holdings

Repayment Period:

• Repayment for Custom Hiring activity is fixed based on the cash flow and DSCR on a Monthly basis.
• Term Loans – Maximum repayment period allowed is 5 years.

Processing Charges:

• 2500/ Unit (Fixed)

Rate of Interest:

• Min of 10.50% & Max of 12.5% (fixed)

Security Norms:

• Primary: Hypothecation of machineries/charge on assets created out of Bank finance.
• Collateral: CGFMU coverage (mandatory)

Guarantee:   NA

Subsidy / Grant: NA