Bank Of India Launches Festive Offer On Farm Mechanization, Krishi Vahaan Schemes – Check Loan Coverage, Offer Validity

Bank of India's festive offer on Farm Mechanization and Krishi Vahaan schemes is valid until 31 March 2024.

New Delhi: Bank of India has launched festive offer on Farm Mechanization, Krishi Vahaan schemes for farmers, offering term loan solution for financing various agricultural essentials, including farm machinery, implements and transport vehicles. Bank of India's festive offer is valid until 31 March 2024.

"Bank of India has launched an exciting festive offer on two impactful schemes – Farm Mechanization and Krishi Vahaan – valid until 31 March 2024. These initiatives are aimed at addressing a significant challenge faced by farmers and agri entrepreneurs – gaining access to essential financial aid," the bank said in a release.

Bank of India festive offer: Check Loan Coverage

The Krishi Vahaan and Farm Mechanization loans from the Bank offer a seamless term loan solution for financing various agricultural essentials, including farm machinery, implements and transport vehicles. 

The Krishi Vahaan loan covers up to 90 percent of the ex-showroom price of the vehicle and, importantly, requires no collateral for loans up to Rs 25 lakh for farmers and up to Rs 1 crore for agri entrepreneurs. For farm machinery, loans are available up to 85 percent of the cost, Bank of India said.

"What makes these schemes stand out are the tangible benefits they offer farmers and agri entrepreneurs. From no hidden charges to a straightforward documentation process, these loans are customised for maximum convenience with simplified application process and quick disbursal," Bank of India said.

"This commitment from Bank of India underscores its dedicated effort to offer accessible and efficient financial solutions. The Bank aims to empower farmers and agri entrepreneurs, enabling them to navigate the challenges of modern agriculture with confidence. Additionally, this initiative aligns with and supports Hon’ble Prime Minister, Shri Narendra Modi’s vision to increase farm income and enhance productivity. This is more than just a financial offering. Rather, it’s a significant step towards a more prosperous agricultural future," said Bank of India in a statement.