Chikmagalur Kodagu Grameena Bank – Chiko Agri Vehicle

By | July 2, 2011

Purpose –           To facilitate farmers/ Planters to acquire vehicle for timely supply of inputs required for agricultural operators/ Allied activities, transport of agriculture produce and agricultural labours and to undertake visits for farm supervision

Nature of Vehicle –           For purchase of new jeep, Pickup van, Mini Truck, Truck, Tempo, Agricultural  Transport vehicle, Cars/vans and two wheelers etc. Second hand vehicles not more than three years old from the date of registration shall also be financed under the scheme.

Loan Amount –           Maximum 75% of the cost of the vehicle including accessories , registration, charges and insurance amount for purchase of new; maximum 50% of the value of the vehicle as per valuation report ( By an approved valuer) and the income criteria for repayment of the loan for second hand vehicles

Security –           Hypothecation of the vehicle finance out of Bank loan similar to car loan offered by other banks; Suitable third party guarantee whose net worth is not less than 200% of the loan amount.

Disbursement                        – Entire loan amount along with margin should be remitted to the dealer/ supplier/Seller through Account pay DD or pay order.

Repayment –           With in 4 to 7 years for new vehicles and 4 to 5 years for second hand vehicles from the date of disbursement, the periodicity of the repayment shall be monthly/half yearly/ yearly installments depending upon the cropping pattern, harvesting marketing of crops etc., there should not be any repayment holiday/moratorium.

All information including news articles and blogs published on this website are strictly for general information purpose only. BankBazaar does not provide any warranty about the authenticity and accuracy of such information. BankBazaar will not be held responsible for any loss and/or damage that arises or is incurred by use of such information. Rates and offers as may be applicable at the time of applying for a product may vary from that mentioned above. Please visit for the latest rates/offers.
Category: Articles Glossary Tags: ,

About Pradeep Yuvaraj

Pradeep Yuvaraj is a Co-Founder and Director at Finerva Financial Solutions Private Limited, a financial education company focused on personal finance education. He has penned over 250 articles relating to Personal Finance and clocked over 500 hours of educating individuals on managing personal finance. He is a serial entrepreneur and has been associated with 7 Start-ups. His entrepreneurial experience spans industries as varied as Education, Gas Engineering, Automobile Design, Software development and more recently a Pure play presentation design company. Prior to turning entrepreneur in 2005, he has worked for 3 of the top ten companies of the world - Shell, ExxonMobil and Total SA. This experience included handling Branch Operations, Channel Sales and Business Development across 5 states over a period of 8 years. He holds an MBA from Symbiosis and an Electronics Engineering Degree from the University of Pune.

Leave a Reply

Your email address will not be published. Required fields are marked *