New Tractor Loan Scheme

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Modified New Tractor Loan Scheme

Purpose

 To meet the cost of Purchase of Tractor and Accessories (Including Insurance+ Registration Charges)

Features

  • Type of Facility: Agriculture Term Loan
  • Quantum of Loan: Min-Rs.200000/- Max-Rs.2500000/-
  • Margin: 25% of cost of Tractor including accessories and implements (Including Insurance and Registration Charges)
  • Moratorium: No Moratorium
  • Repayment: Principle Equated Distribution with Interest in 10 half yearly Instalments.
  • Security: 
    • Up to 1.60 Lakh Primary: Hypothecation of Tractor, accessories and implements purchased out of Bank finance. Collateral: Nil.
    • Loans above Rs. 1.60 lakh: Primary: Hypothecation of Tractor and accessories. Collateral: Mortgage of land /Gold Ornaments/Any Other approved liquid security or Third-Party Guarantee.
  • Interest Subvention: Not Applicable
  • Other: NA

Eligibility

  • Any Individual, Group of Individuals and Institution, Organisation.
  • Existing/New Farmer/Good Borrower banking with other banks.
  • Applicant should hold minimum 2 acre Agricultural land .
  • Applicant should have CIBIL score above 650.

Documents Required

  • Duly filled in application form
  • Quotation of the Tractor from Authorised 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.
  • Any other document as per sanction.

  • Interest: 1Yr MCLR+3.30%
  • Fees & Charges: Up to 2.00 Lakh-NIL Above 2.00 lakh-1.40% of Loan amount +GST

To avail tractor loan from our bank, tractor model should completed commercial test from which testing institute / organisation?

-Those Model of Tractor which have completed the commercial test from organisation Viz.Central Farm Machinery Training and Testing Institute (CFMTTI), Budni(MP),Farm Machinery Training and Testing Institute (FMTTI),Hisar(Haryana).

For more details, please visit nearest SBI Branch.


Last Updated On : Thursday, 02-06-2022

Interest Rates

7.55%* p.a.

w.e.f. 15.06.2022

*T&C Apply.

 

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