FINANCING POWER TILLERS
Who is eligible?
Individual Farmers or a group of not more than 3 farmers owning 2 acres of perennially irrigated land (contiguous / nearby) or corresponding acreage of other lands.
Bank will finance only for those models of power tillers which have completed the commercial test from organizations viz. Central Farm Machinery Training and Testing Institute (CFMTTI) Budni (Madhya Pradesh) or Farm Machinery Training and Testing Institute (FMTTI), Hissar.
Upto 90 % on the total cost of power tiller plus accessories.
a. For loans upto Rs.1,00,000/-
Hypothecation of Power tiller, accessories, implements and trailer purchased out of Banks finance.
b. For loans above Rs.1,00,000 and upto Rs.2.00 lacs :
Hypothecation of Power tiller, accessories, implements and trailer purchased out of Banks finance and mortgage on land/ One third party guarantee, good for the amount involved or any other acceptable collateral security like NSCs, Banks own term deposits, Kisan Vikas Patras, Indra Vikas Patras, gold, urban property, surrender value of LIC Policy; the value of it should be at least 50% of the loan amount.
c. For loans above Rs.2.00 lacs :
Hypothecation of Power tiller, accessories, implements and trailer purchased out of Banks finance and mortgage of land.
How to repay the loan
Repayment will be half yearly/ yearly installments with the Maximum 9 years, with one year as gestation period.
How to apply for this loan
You may contact our nearest branch or talk to the marketing officers visiting your village.