FINANCING OF SECOND HAND / USED TRACTORS SCHEME

SBI - Mahindra Vishvas, SBI TAFE Nayaroop.
Purpose:

Loans provided for the purchase of second hand tractors refurbished by Mahindra & Mahindra and Tractors & Farm Equipments Ltd. Tractors which are up to 7 years old

Who are eligible?

Individual farmer or a group of farmers not exceeding three in number (as co-borrowers) owning minimum 3 acres of perennially irrigated agricultural land. In case of co-borrowers the land should be in same area.

Loan amount

Upto 85% of the cost. The cost will be based on the price fixed by the company for each tractor after refurbishing. The overall maximum limit will be Rs.2.50 lac including the cost of implements. The implements purchased shall be new.

Security

Loan upto Rs 1,00,000/

Hypothecation of tractor and accessories.

Above Rs.1,00,000/-

  • Hypothecation of tractor and accessories

  • Mortgage of the land of the farmer or any other tangible Security to cover atleast 50% of the loan amount or suitable third party guarantee

How to repay the loan

The loan amount including interest shall be repayable in half-yearly/yearly installments coinciding with the harvest of crops grown.. The repayment of loan amount should be completed before the expiry of 9 years from the date of original purchase of the tractor inclusive of a maximum gestation period of one year.

How to apply for this loan

You may contact our nearest branch or talk to the marketing officers visiting your village.