ARF (FS) - Financing of Two Wheelers
1. Objective: The object of the scheme is to provide credit for purchase of two wheelers to farmers under Automatic Refinance Facility(FS).
2. Eligible borrowers: Individuals.
3. Items of investment: Cost of vehicle, taxes and insurance payable on purchase of vehicle.
4. Margin: A margin of 25% of the cost of the vehicle will have
to be contributed by the borrower.
5. Repayment of loan: Not exceeding 5 years subject to financial viability and bankability.
6. Security: As in loan rules, fixed by the apex bank under relevant scheme; in accordance with the guidelines issued by RBI/NABARD/RCS.
7. Rate of Interest: Interest rate will be fixed by KSCARD Bank from time to time in accordance with the guide lines issued by RCS/NABARD/RBI.
8. Reporting system: The monthly lending progress/disbursement statement should be furnished to the apex bank in the prescribed format, by PCARDBs.
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