Tatkal Tractor Loan

Agri & RuralCrop LoanGold LoanFarm mechanization Loan
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Tatkal Tractor Loan

Features and Benefits

  • MORTGAGE FREE Tractor Loan!!
  • Turn Around Time (TAT) 48 hours only
  • Free accidental insurance cover of Rs. 4.00 Lakhs
  • Lowest interest rate
  • No Processing Fee
  • Differentiated repayment (M/Q/HY) repayment facility
  • Collateral Security Lien on TDR accepted as margin money
  • Margin Minimum 25% of the cost of tractor including insurance and registration charges.
  • Margin (%) - 25
    • Effective interest rate (% p.a.) - 11.20
  • Margin (%) - 35
    • Effective interest rate (% p.a.) - 10.95
  • Margin (%) - 50
    • Effective interest rate (% p.a.) - 10.55
  • * w.e.f 01.05.2016

Repayment period

  • 48 months when the installments are fixed on the net loan (Bank Loan – Margin kept as TDR with bank)
  • 60 Months when the installments are fixed on the basis of total loan ( Click here for EMI Calculator )

Eligibility

  • All farmers – individual/joint borrowers who are owner cultivators
  • Minimum 2 acres of agricultural land in the name of borrower(s)

Processing charges and fees

Description of charges Charges Applicable
Pre payment NIL
Processing fee NIL
Part payment NIL
Duplicate No due certificate NIL
Late payment penalty 1% p.a. on unpaid installments
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
  • 48 or 60 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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