Tractor Loan/Finance/Refinance - Kotak Mahindra Bank

KOTAK MAHINDRA BANK

INTRODUCTION:

We offer finance for purchase of new and old tractors, harvesters and implements for agricultural / commercial purpose. We are the preferred financier of key manufacturers.

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FEATURES & BENEFITS OF TRACTOR FINANCE

• Loan for Purchase of New Tractor / Old Tractor, Implements etc.
• Loans for Captive Usage for existing Customers
• Nation-wide presence
• Avail Life Insurance Shield – Kotak Kisan Suraksha
• Excellent after sale service
• Attractive rates of interest
• Loans up 90% of tractor value
• Personalised service at all branches

ELIGIBILITY FOR TRACTOR FINANCE

• Minimum 3 acres of land in the name of borrower
• Residential stability of 2 years
• 2 years business experience if applicable

DOCUMENTS REQUIRED FOR TRACTOR FINANCE

Pre Sanction Documents:

• Identity proof- Voter ID card/PAN card/Passport/ Aadhaar card,/Driving License etc
• Address proof: Voter ID card/Passport/Aadhaar card/Driving license etc
• Agricultural Land Proof – if available
• Proof of Signature verification

Pre Disbursement Documents:

• Fully executed loan documents
• Original Invoice of the tractor purchased from the dealer
• Margin Money Receipt received from dealer
• Insurance pledged to Kotak Mahindra Bank

INTERSET RATE & CHARGES FOR TRACTOR FINANCE

• Interest Rate Range for Tractor Loan:

• Max: 26%
• Min: Prevailing MCLR Or Reference Rate

• Loan Processing Charges:

• Upto 3% of Loan amount

• Documentation Charges:

• UptoRs. 5000

• Stamping Charges:

• At Actuals

• Credit Administration Charges:

• UptoRs. 6000/-

• Credit Appraisal Charges:

• Nil

• Commitment Charges:

• Nil

• Overdue Interest:

• Upto 3% of overdue amount, compounded monthly

• Collection Charges:

• 30% of penal and cheque bouncing charges

• Dishonour Charges Per Instance:

• Rs. 750.00

• Swap Charges( Replacement of PDCs):

• UptoRs. 500 per Swap per Instance

• Prepayment Interest / Forclosure Charges:

• 5% of Principal Outstanding as per reducing balance method

• Duplicate Issue of NOC:

• Rs. 500/-

• Solvency Certificate:

• Nil

• No Due Certificate:

• Nil

• Charges for furnishing a copy of the credit information report (CIBIL) to the applicant:

• Rs. 50/-

• Charges applicable in case customer requests for copies of records pertaining to his transactions ( SOA / Amortization Schedule):

• Rs. 500/- (Once yearly without any charge. Post that 500 per request.)

• APAC Reschedulement:

• Nil

• Part Foreclosure Charge:

• Nil

• Payment Processing Charge:

• Not Applicable

• Valuation Charges for Used/RF Vehicles:

• Within city - Rs. 1000/-
• Outside city - Rs. 1500/-

• Repossession Charges:

• UptoRs. 15,000/-

• Credit Adminstration Charges:

• UptoRs. 6,000/-

• Duplicate Foreclosure Statement Charges:

• Rs. 500/-

• NOC for National Permit:

• Not Applicable

• NOC for State Permit:

• Not Applicable

• NOC for Change in Body Type:

• Not Applicable

• Rebooking of Loans (due to change in borrowing structure, change of property / Asset / Collateral etc.):

• Rs. 2,500/-

• Change in Installment Due Date:

• Rs. 1,000/-

• Change in Property / Asset / Collateral:

• Not Applicable

• Copy of Any Property/Loan Document:

• Not Applicable

• Asset Verification Charges - Immovable Assets:

• Not Applicable

• Legal / Incidental Charges*:

• At Actuals

• NOC to Convert From Private to Commercial Registration:

• NRH

• NOC to Convert From Commercial to Private Registration:

• NRH

• Re-issuance of Pay Order:

• Nil

• Non Compliance with Sanction Terms and Conditions:

• Nil

• End-use Certificate Delays:

• Nil

• Net Worth Statements Delays:

• Nil

*Taxes as applicable