Notification

Tractor Loan

Nature of Loan - TRACTOR LOANS TO INDIVIDUAL

Rate of Interest - 3.o0%

Installment/ Period - 5 Year

Details (Purpose) - Max. 8.00 lakhs

Purpose : Agricultural term loans are sanctioned for purchase of new tractors, accessories and implements

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 2 Ac.

Margin : Minimum of 15%.

Primary security : Hypothecation of Tractor & Accessories.

Insurance : The tractor and accessories purchased with banks finance have to be comprehensively insured for the full value.

Repayment : Loan is repayable in equated Half yearly installments in 5 years. (Relaxed in tune with the regular flow of funds in the hands of the borrower).

Nature of Loan - TRACTOR LOANS TO SOCIETIES

Rate of Interest - 0.o0%

Installment/ Period - 5 Year

Details (Purpose) - Max. 8.00 lakhs

Purpose : Agricultural term loans are sanctioned for purchase of new tractors, accessories and implements

Eligibility : Any group of individuals i.e., JLGs/SHGs, 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 2 Ac.

Margin : Minimum of 15%.

Primary security : Hypothecation of Tractor & Accessories. Insurance : The tractor and accessories purchased with banks finance have to be comprehensively insured for the full value.

Repayment : Loan is repayable in equated half yearly installments in 5 years, including grace period of 1 month. (Relaxed in tune with the regular flow of funds in the hands of the borrower).