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Financing Tractors and Heavy Agriculture Machinery

Particulars Guidelines under the scheme
Purpose
  • Purchase of new tractor
  • Tractor drawn implements
  • Power tiller and other agriculture machines etc.
Eligibility Progressive, literate and illiterate farmers engaged in cultivation of crops as owner of land, permanent tenants or leaseholders (for reasonably long period) and who utilize the tractor/ machinery economically to the minimum extent of 50% on their own land holding.
  • Should have perennially irrigated land of minimum 4 acres (tractors to farmer with land holding below 6 acres of irrigated land is considered for tractors with horse power up to 35 hp).
  • Should cultivate high value commercial crops such as sugarcane, grapes, bananas & vegetables.
Quantum of Loan Cost of vehicle including implements minus margin
Nature of facility Term Loan
Rate of Interest Click Here
Margin Minimum 25% of Cost of the vehicle & Implements
Repayment Period Tractors- 9 years Power Tillers- 7 years (Depends upon the repaying capacity on half yearly and annual basis based on surplus generation from crop and landholding of farmers)
Security (i) Hypothecation of tractor and implements (ii)Charge/mortgage of land or third party guarantee

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