Purpose:
Provision of financial
facility to the commercially viable entities with immaculate track record for acquisition
of Agri implements and equipments i.e. tractor trolleys, harvesters e.t.c. for providing
agri services to farmers.
Eligibility:
Commercially viable entities with immaculate track record with the Bank/Other
financial institutions.
Amount:
To be decided on case to case basis keeping
in view the financial/commercial viability of the
transaction. Not to exceed 80% of the value of equipments/implements.
Mode of Finance
It shall
be lease finance.
Security:
1. Leased Assets (Vehicles/Tractors
will be registered in the name of Bank or Receipt of
equipments will be issued in
the name of Bank).
2.
Bank charge on
Agri Land
through Agri
Pass Book
OR
Bank’s Charge on urban property through registered and equitable mortgage.
3. One personal guarantee of reputable
person. Two written satisfactory market checking.
Margin on Collateral Security:
-
50% Margin on Agri land or Urban property if assessed by Surveyor.
-
25% Margin on Agri land if assessed on revenue record.
-
The maximum amount of Finance will be allowed upto 75% of the Oast Bai Value of
land (Oast Bai is verified by Revenue Officer)
Insurance:
Comprehensive Insurance of Leased Assets.
Life assurance of lessee under the Bank’s
charge.
Mark-up:
15% per annum.
Repayment:
Equal quarterly installments (within five years).