Tractor Loan/Finance/Refinance - State Bank Of India

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STATE BANK OF INDIA

NEW TRACTOR LOAN SCHEME

 

FEATURES & BENEFITS OF TRACTOR FINANCE

  • The Loan amount will cover the cost of tractor, accessories, implements, insurance and registration expenses.
  • NO UPPER CEILINGin 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
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ELIGIBILITY FOR TRACTOR FINANCE

  • Minimum 2 acres of land in the name of applicant.

 

DOCUMENTS REQUIRED FOR TRACTOR FINANCE

Pre Sanction Documents:

  • 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

 

Pre Disbursement Documents:

  • Duly executed loan documents
  • Original title deeds of land for mortgage
  • Post Dated Cheques.

 

Post Disbursement Documents:

  • RC book with hypothecation charge in favor of SBI
  • Original invoice/bill issued by dealer to the customer
  • Comprehensive insurance copy

 

 

PROCESSING CHARGES & FEES FOR TRACTOR FINANCE

 

  • Pre-payment:
  • NIL

 

  • Processing fee:
  • 0.5%

 

  • Part payment:
  • NIL

 

  • Duplicate No due certificate:
  • NIL

 

  • Stamp duty:
  • As applicable

 

  • Late payment penalty:
  • 1% p.a on unpaid instalments

 

  • Penalty for failure to get the vehicle registered within one month from the date of delivery:
  • 2% for the period of default

 

  • Failed SI (per SI):
  • Rs. 253/-

 

  • Failed EMI (Per EMI):
  • Rs. 562/-

 

 

TATKAL TRACTOR LOAN

 

FEATURES & BENEFITS OF TRACTOR FINANCE

  • MORTGAGE FREE Tractor Loan.
  • Turn Around Time (TAT) 48 hours only
  • Free accidental insurance cover of Rs. 4.00 Lakhs
  • Lowest interest rate
  • No Processing Fee
  • Differentiated repayment (M/Q/HY) repayment facility
  • Collateral Security Lien on TDR accepted as margin money
  • Margin Minimum 25% of the cost of tractor including insurance and registration charges.
  • Margin (%) - 25
    • Effective interest rate (% p.a.) - 11.20
  • Margin (%) - 35
    • Effective interest rate (% p.a.) - 10.95
  • Margin (%) - 50
    • Effective interest rate (% p.a.) - 10.55

 

* w.e.f 01.05.2016

 

REPAYMENT PERIOD

  • 48 months when the installments are fixed on the net loan (Bank Loan – Margin kept as TDR with bank)
  • 60 Months when the installments are fixed on the basis of total loan.

 

ELIGIBILITY FOR TRACTOR FINANCE

  • All farmers – individual/joint borrowers who are owner cultivators
  • Minimum 2 acres of agricultural land in the name of borrower(s)

 

DOCUMENTS REQUIRED FOR TRACTOR FINANCE

Pre Sanction Documents:

  • 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

 

Pre Disbursement Documents:

  • Duly executed loan documents
  • 48 or 60 Post Dated Cheques

 

Post Disbursement Documents:

  • RC book with hypothecation charge in favor of SBI
  • Original invoice/bill issued by dealer to the customer
  • Comprehensive insurance copy

 

 

PROCESSING CHARGES & FEES

 

  • Pre-payment:
  • NIL

 

  • Processing fee:
  • NIL

 

  • Part payment:
  • NIL

 

  • Duplicate No due certificate:
  • NIL

 

  • Late payment penalty:
  • 1% p.a on unpaid instalments

 

  • Failed SI (per SI):
  • Rs. 253/-

 

  • Failed EMI (Per EMI):
  • Rs. 562/-

 

 

STREE SHAKTI TRACTOR LOAN(MORTGAGE FREE)

 

FEATURES & BENEFITS OF TRACTOR FINANCE

  • MORTGAGE FREE!!
  • Lowest interest rate
  • Sanction your tractor loan within 3 days only
  • Monthly repayment facility
  • Collateral Security Nil
  • Margin 25% for tractor on original invoice and taxes
  • 50% for accessories
  • Rate of Interest is 11.20%. p.a, w.e.f 01.05.2016
  • Repayment period 36 months with 1 month moratorium

 

ELIGIBILITY FOR TRACTOR FINANCE

  • Borrower/ co-borrower should be women
  • Minimum 2 acres of agricultural land in the name of borrower(s)
  • Minimum annual income of borrower(s) should be Rs. 1,50,000 /- from all sources

 

DOCUMENTS REQUIRED FOR TRACTOR FINANCE

Pre Sanction Documents:

  • 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
  • Income proof (Certificate from revenue authority)
  • Quotation of tractor issued by dealer to customer

 

Pre Disbursement Documents:

  • Duly executed loan documents
  • 6 Post Dated Cheques.

 

Post Disbursement Documents:

  • RC book with hypothecation charge in favor of SBI
  • Original invoice/bill issued by dealer to the customer
  • Comprehensive insurance copy

 

 

PROCESSING CHARGES & FEES

 

  • Pre-payment:
  • NIL

 

  • Processing fee:
  • 1.25%

 

  • Part payment:
  • NIL

 

  • Duplicate No due certificate:
  • NIL

 

  • Late payment penalty:
  • 1% p.a on unpaid instalments

 

  • Failed SI (per SI):
  • Rs. 253/-

 

  • Failed EMI (Per EMI):
  • Rs. 562/-

 

 

STREE SHAKTI TRACTOR LOAN-LIQUID COLLATERAL

 

FEATURES & BENEFITS OF TRACTOR FINANCE

  • Tractor Loan against the pledge of gold ornaments/Time deposit with bank/NSC etc
  • Lowest interest rate
  • Sanction your tractor loan within 3 days only
  • Monthly repayment facility
  • Collateral Security : Gold ornaments/ Time Deposit with Bank / NSCs to the extent of minimum of 30% of loan amount
  • Margin is 10%
  • Rate of Interest:10.95%. p.a, w.e.f 01.05.2016
  • Repayment period 48 months with 1 month moratorium

 

ELIGIBILITY FOR TRACTOR FINANCE

  • Borrower/ co-borrower should be women
  • Minimum 2 acres of agricultural land in the name of borrower(s)
  • Minimum annual income of borrower(s) should be Rs. 1,50,000 /- from all sources

 

DOCUMENTS REQUIRED FOR TRACTOR FINANCE

Pre Sanction Documents:

  • 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
  • Income proof (Certificate from revenue authority)
  • Quotation of tractor issued by dealer to customer

 

Pre Disbursement Documents:

  • Duly executed loan documents
  • 6 Post Dated Cheques.
  • Pledge of liquid Security

 

Post Disbursement Documents:

  • RC book with hypothecation charge in favor of SBI
  • Original invoice/bill issued by dealer to the customer
  • Comprehensive insurance copy

 

 

PROCESSING CHARGES & FEES

 

  • Pre-payment:
  • NIL

 

  • Processing fee:
  • 1.25%

 

  • Part payment:
  • NIL

 

  • Duplicate No due certificate:
  • NIL

 

  • Stamp duty:
  • As applicable.

 

  • Late payment penalty:
  • 1% p.a on unpaid installments

 

  • Failed SI (per SI):
  • Rs. 253/-

 

  • Failed EMI (Per EMI):
  • Rs. 562/-

 

 

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