To meet the cost of Purchase of New Power Tiller and Accessories.
Type of Facility: Agriculture Term Loan.
Quantum of Loan: Min-Rs.5000/- Max-Rs.500000/-.
Margin: 20% of cost of Combine Harvester including accessories and implements (Including Insurance and Registration Charges).
Moratorium: 6 Month within overall loan tenure.
Repayment: Principle Equated Distribution with Interest in 10 half yearly Instalments.
Up to Rs.1.60 Lakh Primary: Hypothecation of Power Tiller accessories and implements purchased out of Bank finance. Collateral: Nil.
Loans above Rs.1.60 lakh: Primary: Hypothecation of Power Tiller and accessories. Collateral: Mortgage of land /Gold Ornaments/Any Other approved liquid security or Third-Party Guarantee.
Interest Subvention: Not Applicable.
Farmer or Group of Farmer not more than three farmers owning one acre of perennial irrigated land.
Farmer owning lesser acreage land that as prescribed above also become eligible for availing power tiller loan provided DSCR workout to 1.75 and above.
Farmer Should have adopted intensive cultivation practices.
Duly filled in application form.
Quotation of the Combine Harvester from Authorised dealer.
Identity proof- Voter ID card/PAN card/Passport/ Aadhaar card/Driving License etc.
Address proof: Voter ID card/Passport/Aadhaar card/Driving license etc.
Proof of agricultural land/ cultivation.
Any other document as per sanction.
Interest: 1Yr MCLR+2.75%
Fees & Charges: Up to Rs.2.00 Lakh -NIL Above Rs.2.00 Lakh 1.40% of Loan amount +GST
To which Power Tiller model bank finance available?
-Those Model of Tractor which have completed the commercial test from Southern Region Farm Machinery Training and Testing Institute, Tractor Nagar, District Anantapur, Andhra Pradesh or Other Government/State Government Approved Institute.
For more details, please visit nearest SBI Branch.