Nature of Loan - TRACTOR LOANS TO FARMERS
Rate of Interest - 3.o0% (repay within due date)
Instalment/ Period - 5 Year
Details (Purpose) - Max. 10.00 lakhs
Purpose : Agricultural term loans are sanctioned for purchase of new tractors, trailor.
Eligibility : Any individual of institution or organization are eligible for finance which will have sufficient and regular income either from own farm activity or custom hiring incomes from the tractor proposed to be purchased and its accessories. Borrower should possess a minimum land holding of
SMALL TRACTOR – 3 ACRE TO 6 ACRE
BIG TRACTOR - 4 ACRE TO 9 ACRE
Margin : Minimum of 15%.
Primary security : Hypothecation of Tractor & trailor.
Insurance : The tractor and trailor purchased with banks finance have to be comprehensively insured for the full value.
Repayment : Loan is repayable in equated Half yearly instalments in 5 years