Financing Power Tiiler

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Financing Power Tiller

Purpose of Loan

  • To meet the cost of Purchase of New Power Tiller and Accessories.

Features

  • Type of Facility: Agriculture Term Loan.
  • Quantum of Loan: Min-Rs.5000/- Max-Rs.500000/-.
  • Margin: 20% of cost of Combine Harvester including accessories and implements (Including Insurance and Registration Charges).
  • Moratorium: 6 Month within overall loan tenure.
  • Repayment: Repayable in maximum 5 years in half-yearly Principal Equated Instalments with Interest.
  • Security:
    • Up to Rs.1.60 Lakh Primary: Hypothecation of Power Tiller accessories and implements purchased out of Bank finance. Collateral: Nil.
    • Loans above Rs.1.60 lakh: Primary: Hypothecation of Power Tiller and accessories. Collateral: Mortgage of land /Gold Ornaments/Any Other approved liquid security or Third-Party Guarantee.
  • Interest Subvention: Not Applicable.
  • Other: NA

Eligibility

  • Farmer or Group of Farmer not more than three farmers owning one acre of perennial irrigated land.            
  • Farmer owning lesser acreage land that as prescribed above also become eligible for availing power tiller loan provided DSCR workout to 1.75 and above.              
  • Farmer Should have adopted intensive cultivation practices.

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+2.75%
  • Fees & Charges: Up to Rs.2.00 Lakh -NIL Above Rs.2.00 Lakh 1.40% of Loan amount +GST

To which Power Tiller model bank finance available?

-Those Model of Tractor which have completed the commercial test from Southern Region Farm Machinery Training and Testing Institute, Tractor Nagar, District Anantapur, Andhra Pradesh or Other Government/State Government Approved Institute.

For more details, please visit nearest SBI Branch.


Last Updated On : Tuesday, 11-04-2023

Interest Rates

8.50%* p.a. onwards

w.e.f. 05.04.2024

*T&C Apply.

 

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