Meghalaya Agriculture Response Vehicle Scheme

The following benefits are provided under the scheme: | - 200 agriculture transport vehicles to be distributed across Meghalaya for individual entrepreneurs and any registered farmer’s organizations with 50% financial aid. | - Vehicles will be pre-fitted with GPS devices. | - Farmers will have access to more vehicles dedicated to agriculture transportation services. | - The Project Management Unit will help in the connection between the farmers and agriculture response vehicles when demand arises. | Financing Plan: | - Financing of the vehicles to the selected beneficiaries of the scheme shall be done through any branch of Meghalaya Rural Bank (MRB). | - The bank will sanction 50% of the on-road vehicle cost of the beneficiary in the form of a term loan. | Rate of interest and repayment schedule: | - Prevailing rate of interest shall be charged by the bank and the repayment schedule will be 5 years. MRB will keep the rate of interest as fixed for the complete loan term. | Quantum and Nature of Financial Assistance: | a) Down payment Support: | - Total down payment will be 50% of the on-road cost of the vehicle. | - Out of which, the Agriculture Department, Government of Meghalaya shall pay 90%. | - And the remaining 10% shall be paid by the beneficiary. | b) EMI support: | - To reduce the burden of the operational cost on the beneficiaries in the first two years of his business, the Agriculture Department, GoM will support the beneficiary by paying: | - 85% of the EMI in the first 6 months | - 45% of the EMI for 7-12 months | - 35% of the EMI for 13-24 months. | - For the rest of the EMIs after 24 months, the beneficiary shall bear 100% of the EMI/month. | - Overall, EMI support from the government is 20% of the total EMI to be paid. | - The maximum support from the government shall be based on the value of the selected models mentioned above. | - If the beneficiary selects a model which has a lower value than the selected model, support shall be 50% of the value of that model. | - If the beneficiary selects a model which has a higher value than the selected model, the beneficiary shall bear the extra cost associated with it. | - The vehicle shall be fitted with a GPS tracking device which will be included in the on-road price of the vehicle.