TATKAL TRACTOR LOAN

Features and Benefits
  • MORTGAGE FREETractor Loan!!

  • Turn Around Time (TAT) 48 hours only

  • Free accidental insurance cover of Rs. 4.00 Lakhs

  • Lowest interest rate

  • No Processing Fee

  • Differentiated repayment (M/Q/HY) repayment facility

Eligibility
  • All farmers – individual/joint borrowers who are owner cultivators

  • Minimum 2 acres of agricultural land in the name of borrower(s)

Collateral Security
  • Lien on TDR accepted as margin money

Margin
  • Minimum 25% of the cost of tractor including insurance and registration charges.

Rate of Interest
Margin (%)
Effective interest rate (% p.a.)

25

11.20

35

10.95

50

10.55

* w.e.f 01.05.2016

Processing charges and fees
Description of charges
Charges Applicable

Pre payment

NIL

Processing fee

NIL

Part payment

NIL

Duplicate No due certificate

NIL

Late payment penalty

1% p.a. on unpaid installments

Failed SI (per SI)

Rs.253/-

Failed EMI (Per EMI)

Rs. 562/-

Repayment period
  • 48 months when the installments are fixed on the net loan (Bank Loan – Margin kept as TDR with bank)

  • 60 Months when the installments are fixed on the basis of total loan

  • ( Click here for EMI Calculator )

Documents required
Pre sanction
  • Duly filled in application form

  • 3 latest passport size photographs

  • Identity proof- Voter ID card, PAN card, Passport, Aadhaar card

  • Address proof: Voter ID card, Passport, Aadhaar card

  • Documentary proof of land

  • Quotation of tractor issued by dealer to customer

Pre disbursement
  • Duly executed loan documents

  • 48 or 60Post Dated Cheques.

Post disbursement
  • RC book with hypothecation charge in favor of SBI

  • Original invoice/bill issued by dealer to the customer

  • Comprehensive insurance copy

How to apply

 

Contact your nearest SBI branch engaged in Agricultural advance for application and further details