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SBI Brings Cheapest Tractor Loans for Farmers under New Tractor Loan Scheme
State Bank of India (SBI) is providing various types of tractor loans to farmers under its New Tractor Loan Scheme. Here, we will inform you about the features, eligibility, processing charges & fees and documents required avail the cheapest tractor loans.
Tractor Loans: Features
The Loan amount will cover the cost of tractor, accessories, implements, insurance and registration expenses.
NO UPPER CEILING in quantum of loan amount.
Quick processing - 7 days from the date of submission of all required documents
Facility of Monthly/quarterly/yearly repayments
Get concession of Interest @1% p.a by repaying promptly
Collateral Security: Registered/equitable mortgage of land for value not less than 100% of the loan amount
Margin is 15% of the cost of tractor, accessories, implements, insurance and registration expenses
Rate of Interest: 11.95% p.a. w.e.f 01.05.2016
Repayment period is 60 months with 1 month
There must be minimum 2 acres of land in the name of applicant.
SBI New Tractor Loan Scheme: Documents Required
1. 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
Title search report from the panel advocate
2. Pre disbursement
Duly executed loan documents
Original title deeds of land for mortgage
Post Dated Cheques
3. Post disbursement
RC book with hypothecation charge in favor of SBI
Original invoice/bill issued by dealer to the customer
Comprehensive insurance copy
Source: Krishi jagran
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