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Purpose
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* To finance purchase of Tractors, Trailers and other agricultural implements and accessories.
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Eligibility
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* Individuals, Partnership firms, companies, FSS, PACs engaged in agriculture and / or allied activities and having land holding of 8 acres of perennially irrigated land or 16 acres of dry land cultivating single crop in a year or 4 acres of irrigated land and cultivating minimum two crops in a year.
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Nature of facility
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* Term Loan.
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Margin
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* 20%
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Security
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* Primary
* Collateral
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- Hypothecation of Tractor and other assets created out of Bank finance.
- Hypothecation of crops.
- Mortgage/charge on agricultural land
Total value of primary and collateral security should be at least 200% of the loan amount.
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Insurance
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Assets created out of loan have to be insured for full value.
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Rate of Interest
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Limit Upto Rs.50,000/-
Above Rs.50,000/- upto Rs.5.00 lacs
Above Rs.5.00 lacs upto Rs.25.00 lacs
Above Rs.25.00 lacs
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MCLR + 0.50%
MCLR + 1.00%
MCLR + 1.50%
MCLR + 2.00%
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Processing Charges
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* Upto Rs.25,000/- : Nil
* @ Rs.120/- per lac or part thereof, maximum Rs.20,000/-.
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Documentation Charges
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* NIL
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Repayment
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* Within 7-9 years.
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For further details, please contact our nearest branch.