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Financing of Combine Harvester

Purpose

To meet the cost of Purchase of Combine Harvester and Accessories .

Features

  • Type of Facility: Agriculture Term Loan
  • Quantum of Loan: Min-Rs.500000/- Max-Rs.3500000/-
  • Margin:  20% of cost of Combine Harvester including accessories and implements (Excluding Insurance and Registration Charges)
  • Moratorium: 6 Month within overall loan tenure
  • Repayment: Repayable in maximum 6 years with half-yearly Principal Equated Instalments with Interest.
  • Security:
    • 1. Up to 10.00 Lakh Primary: Hypothecation of Combine Harvester accessories and implements purchased out of Bank finance. Collateral: Nil.
    • 2. Loans above Rs. 10.00 lakh: Primary: Hypothecation of Combine Harvester and accessories. Collateral: Mortgage of land /Gold Ornaments/Any Other approved liquid security or Third-Party Guarantee.
  • Interest Subvention: Not Applicable
  • Other: NA

 Eligibility Criteria

  • Any Individual, Group of Individuals and Institution, Organisation.
  • Farmer should have min 3-acre irrigated Agricultural Land for individual borrower and 5 acres for joint borrower.
  • Dry land 15 acre.

Documents Required

  • Duly filled in application form
  • Quotation of the Combine Harvester 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+3.50%
  • Fees & Charges: Processing Fees of 0.50% of Loan amount +GST

To which Combine Harvester model bank finance available?

-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 : Tuesday, 11-04-2023

Interest Rates

8.40%* p.a.

w.e.f. 01.09.2023

*T&C Apply.

 

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