‘Stree Shakti Tractor Loan' (SSTL)

Purpose

To extend hassle free Tractor Loans to farmers with women as co-borrowers with competitive rate of interest and shorter repayment period.

Eligibility

a) The loan shall be sanctioned with women as co-borrowers.

b) Minimum agriculture land holding of 2 acres in the name of borrower(s).

c) Minimum net annual income of the borrower(s) is Rs.1.50 lacs from farm activity /custom hiring / other sources.

d) EMI / NMI shall not exceed 60%.

Margin:

a) SSTL without Collateral security: Minimum of 50%

b) SSTL with Collateral security: Minimum margin 10%.

Primary Security

a) Hypothecation of tractor & accessories.

b) Insurance: The tractor and accessories purchased with bank's finance have to be comprehensively insured for the full value.

Collateral Security:

1) SSTL without Collateral: Nil

2) SSTL with Collateral:
 a) Mortgage of immovable properties is not envisaged.
 b) Security of gold ornaments, NSC, Time Deposits (advance value of gold ornaments, time deposits, NSC) to the extent of a minimum 30% will be obtained.

Repayment

a) SSTL without Collateral: Maximum 36 EMIs with 1 month moratorium.

b) SSTL with Collateral: Maximum 48 EMIs with 1 month moratorium.

Interest:

a) SSTL without Collateral security: 1.75% above Base Rate.

b) SSTL with Collateral security: 1.50% above Base Rate

Upfront fee

Normal fee will be charged (1.25% of loan amount at present)

Contact nearest Branch engaged in Agricultural advance for application & further details.