Tractor & Power Tiller Loan
Purpose:
The bank is providing financial assistance to the farmers for adoption of farm mechanization with new technology in order to boost up agriculture production. 
Eligibility:

(a) For Tractor: Farmers, having minimum 04 acres of perennially irrigated land in single name or in the joint names on which two to three    crops are being grown in a year, are eligible to avail finance for the purchase of tractor up to 35 horse power.  Farmers, having minimum 05 acres of perennially irrigated land in single name or in the joint names on which two to three     crops are being grown in a year, are eligible to avail finance for the purchase of tractor above 35 horse power.

(b) For Power Tiller: Farmers, having minimum 2.5 acres of perennially irrigated land in single     name or in the joint names on which two to three crops are being grown in a year, are eligible to avail finance for the purchase of power tiller.     
Applicant for both the above items, must be permanent resident of the service area village/ the village that falls within the radius of 25 Km. of the bank’s branch.

Fixation of loan limit:
As per project.

Margin:
Up to   1,00,000/-, zero.
Above  1,00,000/-, 10% of the total project cost.

Nature:
Account is term loan in nature.

Repayment:
Principal including the interest amount should be repaid maximum in seven to Nine years in half yearly/ yearly installments.

Security:
Up to   1,00,000/-

Hypothecation of the assets created out of bank finance.
Above  1,00,000/- Hypothecation of the assets created out of bank finance and Charge on Agricultural land proposed for loan and guarantee of two persons acceptable to bank, however prospective borrower shall not be compelled to give such guarantee if he    is otherwise eligible to avail the loan under the scheme.                                
OR
Liquid security such as NSC/Fixed Deposit of the full value of the amount sanctioned plus guarantee of two persons, acceptable to the bank.

Rate of interest:   
Ranging from 8.50% TO 12.50% depending upon the quantum of loan

 


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