New Tractor Loan Scheme

Agri & RuralCrop LoanGold LoanFarm mechanization Loan
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Modified New Tractor Loan Scheme

Purpose of Loan

To meet the part cost of purchase of tractor, accessories, implements, insurance and registration.

Features

  • Type of Facility : Agriculture Term Loan
  • Quantum of Loan: Total cost of tractor, accessories and implements including insurance and registration.
  • Margin:15% of project cost including insurance and registration charges.
  • Interest Rate:2.00% above one year MCLR.
  • Processing Charges:0.50% of the loan amount as upfront fee + GST
  • Insurance: Comprehensive insurance of tractor, accessories and implements purchased with bank’s finance.

Eligibility

  • Minimum land holding of 2.00 acres.
  • Farmer or group of farmers i.e Joint Liability Groups (JLGs)/Self Help Groups (SHGs), institutions or organization having regular income either from farm activity or custom hiring from the tractor and accessories to be purchased.

Security

  • Loans up to Rs. 1.00 lac:
    • Primary: Hypothecation of Tractor, accessories and Implements purchased out of Bank finance.
    • Collateral: Nil.
  • Loans above Rs. 1.00 lac:
    • Primary: Hypothecation of combine harvester and accessories.
    • Collateral: Mortgage of land /charge on land or Third Party Guarantee.

Documents Required

  • Duly filled in application form
  • Quotation of the Tractor from reputed dealer.
  • Identity proof- Voter ID card/PAN card/Passport/ Aadhaar card/Driving License etc.
  • Address proof: Voter ID card/Passport/Aadhaar card/Driving license etc.
  • Proof of agricultural land/ cultivation.

Last Updated On : Tuesday, 06-04-2021

Interest Rates

6.70%* p.a.

w.e.f. 01.05.2021

*T&C Apply.

 

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