Connecting rural India to mainstream banking.
Empowering farmers to enhance their farm productivity through farm mechanisation.
Tractor Loans
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Benefits
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Features
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Eligibility Criteria
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Document Required
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Fees & Charges
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Most Important Terms & Conditions (MITC)
Tractor Loans : Benefits
- Low Processing Charges
- No Minimum Land holding requirement for Tatkal Tractor Loan
- Attractive Interest Charges
- Quick Processing
- No restriction on HP range
- Provisions for Credit Life Insurance cover
Tractor Loans : Features
Tractor Loans are available in three categories
Tractor Loan-Agricultural end use and Agri Hiring- A minimum Land holding upto 2.5 acres of agricultural land (single or jointly owned) is required |
Tractor Loan- Agri cum commercial End use A minimum Land holding upto 2.5 acres of agricultural land (single or jointly owned) is required |
Tractor Loan- Tatkal Tractor Loan Not Applicable |
Tractor Loans : Eligibility Criteria
- Applicant should be a Local Resident for a period of at least 3 years in service area of branch
- Borrower's age should not be less than 18 Years & should not exceed 70 years at the time agreement, In case borrowers age exceeds 70 yrs, family member (Blood relation/legal heir) can be taken as a co-applicant.
Tractor Loans : Document Required
- KYC Documents (AADHAR, Voter ID, PAN Card, Driving License etc.)
- Passport Size photo
- Land Record
- Quotation/Invoice (if available)
- IT Returns (if available)
Tractor Loans : Fees & Charges
Processing Charges: 1% of Loan amount
Tractor Loans : Most Important Terms & Conditions (MITC)
| Parameters | Tractor Loan-Agricultural end use and Agri Hiring | Tractor Loan- Agri cum commercial End use | Tractor Loan- Tatkal Tractor Loan | ||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Residence stability | Local Resident for a period of at least 3 years in service area of branch (residential stability should be confirmed by Documentary evidence issued by GOI). | ||||||||||||||||||||||||||
| Age Norms | Borrower's age should not be less than 18 Years & should not exceed 70 years at the time agreement, In case borrowers age exceeds 70 yrs, family member (Blood relation/legal heir) who satisfy the above criteria need to sign the agreement as co-applicant. | ||||||||||||||||||||||||||
| Minimum Margin | 15% | 20% | 30% | ||||||||||||||||||||||||
| Maximum LTV | 85% | 80% | 70% | ||||||||||||||||||||||||
| Rate of Interest (FIXED) |
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| Repayment Period | 72 Months (6 Yrs.) / Monthly / Quarterly / Half Yearly | 72 Months (6 Yrs.) / Monthly / Quarterly / Half Yearly | 60 Months (5 Yrs) Monthly / Quarterly | ||||||||||||||||||||||||
| Moratorium Period | Half Yearly- 180 Quarterly - 90 Monthly - 30 |
Half Yearly- 180 Quarterly - 90 Monthly - 30 |
Quarterly - 90 Monthly - 30 |
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| Security | Hypothecation of Vehicle | Hypothecation of Vehicle | Hypothecation of Vehicle | ||||||||||||||||||||||||
| Tractor HP | No restriction of Tractor HP range | ||||||||||||||||||||||||||
