New Tractor Loan Scheme

Agri & RuralCrop LoanGold LoanFarm mechanization Loan
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Allied ActivitiesMiscellaneous ActivitiesAgri Debt Waiver - Relief Scheme-2008Covid 19 Relief Measures
New Tractor Loan Scheme

Features

  • The Loan amount will cover the cost of tractor, accessories, implements, insurance and registration expenses.
  • NO UPPER CEILINGin quantum of loan amount.
  • Quick processing - 7 days from the date of submission of all required documents
  • Facility of Monthly/quarterly/yearly repayments
  • Get concession of Interest @1% p.a by repaying promptly
  • Collateral Security : Registered/equitable mortgage of land for value not less than 100% of the loan amount
  • Margin is 15% of the cost of tractor, accessories, implements, insurance and registration expenses
  • Rate of Interest: 11.95% p.a. w.e.f 01.05.2016
  • Repayment period is 60 months with 1 month moratorium ( Click here for EMI Calculator )

Eligibility

  • Minimum 2 acres of land in the name of applicant

Processing charges and fees

Description of charges Charges Applicable
Pre payment NIL
Processing fee 0.5%
Part payment NIL
Duplicate No due certificate NIL
Stamp duty As applicable
Late payment penalty 1% p.a on unpaid installments
Penalty for failure to get the vehicle registered within one month from the date of delivery 2% for the period of default
Failed SI (per SI) Rs. 253/-
Failed EMI (Per EMI) Rs. 562/-

Documents Required

Pre sanction

  • Duly filled in application form
  • 3 latest passport size photographs
  • Identity proof- Voter ID card, PAN card, Passport, Aadhaar card
  • Address proof: Voter ID card, Passport, Aadhaar card
  • Documentary proof of land
  • Quotation of tractor issued by dealer to customer
  • Title search report from the panel advocate

Pre disbursement

  • Duly executed loan documents
  • Original title deeds of land for mortgage
  • Post Dated Cheques.

Post disbursement

  • RC book with hypothecation charge in favor of SBI
  • Original invoice/bill issued by dealer to the customer
  • Comprehensive insurance copy

Interest Rates

6.95% p.a.

w.e.f. 01.07.2020

*T&C Apply.

 

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