NEW TRACTOR LOAN SCHEME

Features and Benefits
  • The Loan amount will cover the cost of tractor, accessories, implements, insurance and registration expenses.

  • NO UPPER CEILINGin quantum of loan amount.

  • Quick processing - 7 days from the date of submission of all required documents

  • Facility of Monthly/quarterly/yearly repayments

  • Get concession of Interest @1% p.a,by repaying promptly

Eligibility
  • Minimum 2 acres of land in the name of applicant

Collateral Security
  • Registered/equitable mortgage of land for value not less than 100% of the loan amount

Margin
  • 15%of the cost of tractor, accessories, implements, insurance and registration expenses

Rate of Interest

Rate of Interest: 11.95% p.a. w.e.f 01.05.2016

Processing charges and fees
Description of charges
Charges Applicable

Pre payment

NIL

Processing fee

0.5%

Part payment

NIL

Duplicate No due certificate

NIL

Stamp duty

  • As applicable

Late payment penalty

1% p.a on unpaid installments

Penalty for failure to get the vehicle registered within one month from the date of delivery

2% for the period of default

Failed SI (per SI)

Rs. 253/-

Failed EMI (Per EMI)

Rs. 562/-

Repayment period
Documents required
Pre sanction
  • Duly filled in application form

  • 3 latest passport size photographs

  • Identity proof- Voter ID card, PAN card, Passport, Aadhaar card

  • Address proof: Voter ID card, Passport, Aadhaar card

  • Documentary proof of land

  • Quotation of tractor issued by dealer to customer

  • Title search report from the panel advocate

Pre disbursement
  • Duly executed loan documents

  • Original title deeds of land for mortgage

  • Post Dated Cheques.

Post disbursement
  • RC book with hypothecation charge in favor of SBI

  • Original invoice/bill issued by dealer to the customer

  • Comprehensive insurance copy

How to apply

Contact your nearest branch engaged in Agricultural advance for application and further details