J&K Bank ATV / Snowmobile Finance Scheme for Individuals / Proprietorship Concerns

To enable prospective borrowers to purchase All Terrain Vehicles (ATVs) and Snow mobiles for hiring purpose.
The vehicle to be financed shall be of flowing makes (any one)
1. Honda 2. Yamaha 3.  Polaris 4. Suzuki 5. Kawasaki 6. Arctic Cat 7 Can Am 8. John Deere and shall be purchased from an authorized dealer.

 Term Loan

Priority Sector

Finance to Micro & Small Enterprise:

Micro Enterprise is an enterprise where investment in equipment does not exceed ` 10 lakh.
Small Enterprise is an enterprise where investment in equipment is more than ` 10 lakh but does not exceed ` 2 Crores.

  • Individuals including Pony Wallas / Sledge Wallas, and proprietorship firms desirous of operating at tourist places like Gulmarg, Pahalgam, Sonamarg etc.
  • The facility shall be provided for only one vehicle at a time to one individual; however, if the borrower has liquidated (at maturity or before maturity) one loan granted under the scheme, he shall qualify for second loan under the scheme.
  • The applicants should be agreeable to abide by the regulatory conditions for the operation of ATV / Snow mobile prescribed by the Department of Tourism, J&K from time to time.
  • Prior approval / LA from Director, Tourism, J&K / concerned Development Authority for plying the ATV / Snowmobile at the tourist resort.

25% of the cost of ATV / Snowmobile.

The borrower will be required to deposit the entire margin upfront with the bank to be released subsequently along with the loan component directly in favour of the supplier.

3 months or till the ATV/Snowmobile is worthy of commercial operation whichever is earlier.

5 years inclusive of the moratorium period in Equated Monthly Installments.

Primary:
Hypothecation of ATV / Snow mobile purchased from bank finance. Banks name as hypothecate to be got noted in the books of the concerned Registering Authority.
Collateral
Guarantee cover under Credit Guarantee Scheme of CGFTMSE.

0.5% of the sanctioned amount. The charges are to be obtained upfront at the time of receipt of application.

No pre-payment charges shall be levied, however, in case the borrower intends to avail subsidy from the Govt., the loan shall have a lock-in period of 3 years or any other period prescribed by the sponsoring agency from time to time, from the date of first disbursement, i.e.  Full adjustment shall not be allowed within the prescribed lock in period.