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Tractor Loans

Benefits
Features
Eligibility Criteria
Document Required
Fees & Charges
Most Important Terms & Conditions (MITC)

Tractor Loans : Benefits

Low Processing Charges
No Minimum Land holding requirement for Tatkal Tractor Loan
Attractive Interest Charges
Quick Processing
No restriction on HP range
Provisions for Credit Life Insurance cover

Tractor Loans : Features

Tractor Loans are available in three categories

Tractor Loan-Agricultural end use and Agri Hiring-

A minimum Land holding upto 2.5 acres of agricultural land (single or jointly owned) is required

Tractor Loan- Agri cum commercial End use

A minimum Land holding upto 2.5 acres of agricultural land (single or jointly owned) is required

Tractor Loan- Tatkal Tractor Loan

Not Applicable

Tractor Loans : Eligibility Criteria

Applicant should be a Local Resident for a period of at least 3 years in service area of branch
Borrower's age should not be less than 18 Years & should not exceed 70 years at the time agreement, In case borrowers age exceeds 70 yrs, family member (Blood relation/legal heir) can be taken as a co-applicant.

Tractor Loans : Document Required

KYC Documents (AADHAR, Voter ID, PAN Card, Driving License etc.)
Passport Size photo
Land Record
Quotation/Invoice (if available)
IT Returns (if available)

Tractor Loans : Fees & Charges

Processing Charges: 1% of Loan amount

Tractor Loans : Most Important Terms & Conditions (MITC)

Parameters

Tractor Loan-Agricultural end use and Agri Hiring

Tractor Loan- Agri cum commercial End use

Tractor Loan- Tatkal Tractor Loan

Residence stability

Local Resident for a period of at least 3 years in service area of branch (residential stability should be confirmed by Documentary evidence issued by GOI).

Age Norms

Borrower's age should not be less than 18 Years & should not exceed 70 years at the time agreement, In case borrowers age exceeds 70 yrs, family member (Blood relation/legal heir) who satisfy the above criteria need to sign the agreement as co-applicant.

Minimum Margin

15%

20%

30%

Maximum LTV

85%

80%

70%

Rate of Interest (FIXED)

Loan to Value (LTV %)	Tractor Loan-Agricultural end use and Agri Hiring	Tractor Loan- Agri cum commercial End use	Tractor Loan- Tatkal Tractor Loan
Above 80% and up to 85%	14.50%	NA	NA
Above 70% and up to 80%	14%	14%	NA
Above 60% and up to 70%	13%	13%	13%
Above 50% and up to 60%	12.50%	12.50%	12.50%
Up to 50%	12.25%	12.25%	12.25%