Purchase of new or second hand tractor, power tiller, power thresher, harvester, power sprayer, power duster, chaft cutter, other equipments useful for agricultural activities.
Pick-up van, two wheeler, bullock-cart to be used for transportation of agri. inputs & farm produce/ product.
Loan is also available for repairs or renovation of vehicles.
Eligibility
Individual Farmers having 8 acres of perennially irrigated land for tractor and 5 acres of perennially irrigated land for power tiller. Depending upon the scope of custom hiring & cropping pattern, land holding criteria may be considered at 5 acres and 3 acres for tractors and power tillers respectively.
Agro Service Centres run by technically qualified entrepreneurs for acquiring farm machinery.
Quantum of finance
As per cost of the vehicle / equipment
Security
Loan upto Rs.1.00 lakh
Hypothecation of machinery & Bank charge to be registered with RTA.
Loan above Rs.1.00 lakh
Hypothecation of machinery & Bank charge to be registered with RTA
Mortgage of Land or Declaration as per Agril. Credit Act or collateral security of adequate worth
Margin
New Vehicle
Loan upto Rs.1.00 lakh – Nil
Loan above Rs.1.00 lakh – 15% to 25%
Second hand Tractor – minimum 33.33%
Repairs/ Renovation - minimum 25%
Rate of interest
Interest Rates as decided by the Bank from time to time.
