Tatkal Tractor Loan

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Tatkal Tractor Loan

Purpose of Loan

To meet the cost of Purchase of Tractor (including insurance + registration charges)

Features

  • Type of Facility : Agriculture Term Loan
  • Quantum of Loan : 100% of the Total cost of the tractor including insurance and registration charges. Cost of accessories not included.
  • Margin : 25/40/50% of cost of tractor (Invoice + Insurance + Registration) to be deposited in zero rate TDR
  • Repayment : Repayable in 48-60 months.
  • Processing Charges : 0.50 % of loan amount as upfront fee.
  • Insurance : Comprehensive insurance of tractor finance by the Bank.

Eligibility

  • Minimum land holding of 2 acres.
  • All farmers -individuals / Joint borrowers who are owner cultivators.
  • Only applications from the list of relatives as specified by the Bank may become as co-applicant.

Interest rate

Interest rate will be charged after netting of loan amount minus TDR balance, as under:

MarginApplicable Rate

25%

One year MCLR + 3.25% p.a.

40%

One year MCLR + 3.10% p.a.

50%

One year MCLR + 3.00% p.a.


Security

  • Primary: Hypothecation of the tractor financed by the Bank.
  • Collateral: Lien on TDR accepted as a Margin Money.

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.
  • 6 Post Date Cheques (PDCs) / ECS.

Last Updated On : Wednesday, 07-04-2021

Interest Rates

6.70%* p.a.

w.e.f. 01.05.2021

*T&C Apply.

 

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