PRODUCT FEATURES OF MODIFIED NEW TRACTOR LOAN SCHEME
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.
Purpose of Loan
To meet the part cost of purchase of tractor, accessories, implements, insurance and registration.
Type of Facility
Agriculture Term Loan
Quantum of Loan
Total cost of tractor, accessories and implements including insurance and registration.
15% of project cost including insurance and registration charges.
2.00% above one year MCLR.
Repayment in EMIs, based on repayment Hiring potential and age of income from allied activities.
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.
0.50% of the loan amount as upfront fee + GST
Comprehensive insurance of tractor, accessories and implements purchased with bank’s finance.
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.