Rate of Interest - 3% (Repay within due date)
Instalment/ Period – 10 Half yearly (5 Year)
Details, Purpose - Max. 10.00 lakhs
Purpose : Agricultural term loans are sanctioned for purchase of new tractors, trailer.
Eligibility : Any individual of institution or organization are eligible for finance which will have sufficient and regular income either from own farm activity or custom hiring incomes from the tractor proposed to be purchased and its accessories. Borrower should possess a minimum land holding of
SMALL TRACTOR –
Irrigation Land- Minimum 3 ACRE
Pump set- Minimum 4 ACRE
Dry Land- Minimum 6 ACRE
BIG TRACTOR -
Irrigation Land- Minimum 4 ACRE
Pump set- Minimum 5 ACRE
Dry Land- Minimum 8 ACRE
Margin : Minimum of 15%. Of The Quotation
Primary security : Mortgage Of Land And Hypothecation of Tractor & trailer.
Insurance : The tractor and trailer purchased with banks finance have to be comprehensively insured for the full value Loanee finance bank.
Repayment : Loan is repayable in equated Half yearly instalments in 10 instalment half yearly (5 years)
(Rules Apply)
