www.mizoramruralbank.in

VEHICLE LOAN FOR AGRICULTURIST

PURPOSE

To Purchase new Vehicle for Personal use.

TARGET GROUP

Individuals (singly or jointly), Farmers, Agricultural labourers, Self-Help Groups (SHGs) and Joint Liability Groups (JLGs).

ELIGIBILITY

  • Above 18 yrs
  • Agriculturist / Farmers
  • Income Criteria
    1. Minimum net annual Income > ₹ 3 Lakh (> ₹ 25,000 / - p.m) Clubbing the Income of spouse is permitted (proof is to be attached)
    2. Net Monthly Income >2 X Monthly Installment .(Where the cost of vehicle is less than ₹ 3 Lakh, only first)

QUANTUM OF LOAN

Maximum of ₹ 10 Lakhs or 85% of On-Road price.(On-Road price include cost Accessories not more than 2% of ex-showroom price + registration + insurance premium for one year only) whichever is less

MARGIN

  • Min 15% of on-road price

INTEREST RATE

  • As Pescribed by the Bank,Interest will be applied on monthly compounding basis
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Largest Branch Network in
Mizoram.
Mizoram Rural Bank
Head Office : MINECO,Khatla
Aizawl - 796001
Mizoram
Nodal Officer for Customer Grievance Redressal
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