SANJEEVANI

SANJEEVANI (FINANCE FOR REPAIRS, MAINTENANCE AND ADDITION OF NEW IMPLEMENTS ETC. TO TRACTORS)
Purpose:

To assist the farmers, who are regular in their repayments for repairs / maintenance of tractor and for purchase of additional implements.

Eligibility:

Borrowers who have already availed the tractor / power tiller / combined harvester loan facility from our Bank before three years or more and whose accounts are closed / or regular/standard (IRAC) and who have paid a minimum of 2 yearly installments or 4 half yearly installments after moratorium period are considered eligible for the loan. The borrower should not have availed the benefit of a compromise scheme earlier.

Facility: Agricultural Term Loan.

Quantum of Loan: Repairs: Up to a Maximum of Rs. 50,000/-

Addition of new implements: Up to a Maximum of Rs. 1,00,000/-

Margin:
  • Up to Rs.50, 000 - NIL

  • Above Rs.50, 000 - 15-25% of invoice price

Security:
   A. For borrowers who had already repaid / closed the Tractor loans:

       a) Upto Rs. 50,000/-

Primary: - Hypothecation of tractor (value to be assessed based on the age and condition of the vehicle) and new implements. (Noting of Banks Charge with Road Transport Authority on tractor is a must)

Collateral : - NIL

     b) Above Rs. 50,000/-

Primary: - Hypothecation of tractor (value to be assessed based on the age and condition of the vehicle) and new implements. (Noting of Banks Charge with Road Transport Authority on tractor)

Collateral : - Mortgage / Charge over the Land

B. For borrowers having existing Tractor Loan A/cs:

    a) Upto Rs. 50,000/-

Primary: - Hypothecation of existing tractor / new implements

Collateral : - Extension of Mortgage / Charge over the Land

Repayment: Maximum 5 years or up to the last installment of the existing tractor whichever is earlier in half yearly installments

Insurance: Tractor to be insured till the advance is repaid in full.

Interest Rate: As per the card rate applicable on aggregate limits for the facility and periodicity.