AGRI TRANSPORT – (COMMERCIAL VEHICLE LOANS)
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Objective
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Credit Facilities for Purchase of commercial Two, Three and Four-Wheeler
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Purpose
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Purchase of 2-wheeler* - Motorbikes/Scooter/mopeds etc.
Purchase of 3-wheeler - Good Vehicles
Purchase of 4-wheeler *- Cars, SUVs, Jeeps, Pickup trucks, Trucks etc.
*New Electric 2 & 4 wheelers can be financed from manufacturers who are manufacturing petrol/diesel vehicles at present.
*Second hand 2/3/4 wheeler (petrol/diesel) can be financed which are less than 3 years old.
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Quantum of loan
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Minimum: No Minimum
Maximum: No Maximum
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Eligibility
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Agriculturist having financially viable income, involved in Farm/ allied or any related Agri activities.
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Security
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Up to Rs. 25 Lakhs: Hypothecation of Vehicle. Nil Collateral
Above Rs. 25 Lakhs: Suitable Collateral or TPG at the Discretion of the Bank, and Hypothecation of Vehicle.
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Margin
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Up to Rs. 1.60 Lac: Nil
Above Rs 1.60 Lac: 10% for New Vehicles & 25% for Second Hand Vehicles
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Repayment
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For 2-wheeler - Maximum 5 years
Other Vehicles - Maximum 10 years depending upon the repayment capacity.
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Rate of Interest
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1 Year MCLR (9.00% at present) + 1.35% (spread) = 10.35% at present
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Processing charges
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Up to Rs. 10.00 Lakhs - 0.50% of the loan amount
Above Rs. 10.00 Lakhs - 0.80% of the loan amount
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*Conditions apply
*For more details, please contact our nearest branch
⇨ *Click here to apply - Indian Overseas Bank (iob.in)
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