Get Central Bank of India Tractor Loan Interest Rate

CENTRAL BANK OF INDIA

Cent Tractor Scheme

INTRODUCTION:

To finance purchase of Tractors, Trailers and other agricultural implements and accessories.

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FEATURES AND BENEFIT OF TRACTOR FINANCE

Nature of Facility – Term Loan
Margin – 20%
Primary and Collateral Security: (Total value of primary and collateral security should be at least 200% of the loan amount.)
- Hypothecation of Tractor and other assets created out of Bank finance.
- Hypothecation of crops.
- Mortgage/charge on agricultural land
Insurance - Assets created out of loan have to be insured for full value.
Repayment 7 to 9 years.

ELIGIBILITY OF TRACTOR FINANCE

Individuals, Partnership firms, companies, FSS, PACs engaged in agriculture and / or allied activities and having land holding of 8 acres of perennially irrigated land or 16 acres of dry land cultivating single crop in a year or 4 acres of irrigated land and cultivating minimum two crops in a year.

INTERSET RATE & CHARGES FOR TRACTOR FINANCE

Interest Rate Range for Tractor Loan

Limit Upto Rs.50,000/- (MCLR + 0.50%)
Above Rs.50,000/- upto Rs.5.00 lacs (MCLR + 1.00%)
Above Rs.5.00 lacs upto Rs.25.00 lacs (MCLR + 1.50%)
Above Rs.25.00 lacs (MCLR + 2.00%)

Processing fees

Upto Rs.25,000/- : NIL
@ Rs.120/- per lac or part thereof, maximum Rs.20,000/-.

Documentation Charges:

Cent Kisan Vehicle

INTRODUCTION:

To purchase Two/Four wheelers for agricultural purpose.

FEATURES AND BENEFIT OF TRACTOR REFINANCE

Nature of Facility – Term Loan

Quantum of Loan
- 2 Wheeler - 90%
- 4 Wheeler - 80%
Margin
- 2 Wheeler - 10%
- 4 Wheeler - 20%
Security
- Hypothecation of vehicle.
- Guarantee of two persons OR creation of Mortgage/ charge on land.
Repayment
- 2 Wheeler - within 5 years
- 4 Wheeler - within 7 years
Insurance - Assets created out of loan have to be insured for full value.

ELIGIBILITY OF TRACTOR REFINANCE

Two Wheeler: Existing borrower enjoying a limit of Rs.1.00 Lakh & Above .

Four Wheeler: Existing borrower enjoying a limit of Rs.2.50 Lakhs & above in case of CKCC/CKGC holers& Rs.1.00 Lakh & Above in case of other allied activities.