SCHEME FOR FINANCING FARM MACHINERY  WHERE TANGIBLE ASSETS ARE CREATED

(OTHER THAN TRACTOR, COMBINE HARVESTER AND POWER TILLERS)
Purpose

Bank is extending financial assistance for purchase of farm machinery like implements, threshers, sprayers (both mechanical and motorized) bullock and cart etc.

Who are eligible?

All categories of farmers cultivating lands are eligible for the loan.

Loan amount
  • For loans upto Rs1,00,000/-: 100% of the cost

  • For loan above Rs 1,00,000/-: 75 to 85% of the cost of the asset to be purchased

Security
  • For loans upto Rs.100,000/-: Hypothecation of assets created out of Banks finance.

  • For loans above Rs.100,000/- Hypothecation of assets created out of Banks finance. and Mortgage/ charge over the land or any security acceptable to the Bank.

Documents you need to provide

Land records, quotation for the assets to be purchased

How do you repay

Repayment will be half yearly/ yearly installments depending on the harvest of the crops with a maximum of 7 years

How to apply for this loan

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