Tractor Loan/Finance/Refinance
ICICI BANK
Introduction
ICICI bank offers easy and hassle free tractor loans for first time buyers/tractor owners having agricultural land.
FEATURES & BENEFITS OF TRACTOR FINANCE
- Easy loan procedure
- Quick processing
- Repayment period up to 5 years
- Flexible repayment options
- Fixed Rate of Interest throughout the tenure
- Non- mortgage loan available
- Low processing fee
- low Interest Rate
ELIGIBILITY FOR TRACTOR FINANCE
- Minimum 3 acres of land in the name of borrower.
- Agriculture income is being considered for eligibility calculation.
- Commercial Income is being considered for commercial segments.
DOCUMENTS REQUIRED FOR TRACTOR FINANCE
Pre Sanction Documents:
- Filled in application form
- Two latest photograph of all borrowers
- Proof for signature verification - Passport/ Driving licence/ Pan card / Bank's verification
- Identity proof
- Address proof
- Constitutional documents
- Quotation of tractor issued by dealer to customer
- Proof of land holding
- Land valuation report from empanelled valuer (wherever applicable)
- Past loan track record of the customer (wherever applicable)
Pre Disbursement Documents:
- Duly executed loan documents
- Original Invoice issued by Dealer to customer
- Title Search Report from empaneled lawyer (wherever applicable)
- Margin Money Receipt (Issued by the dealer to the customer as a token of acceptance to the margin money paid )
- Mortgage Deed in case of registered mortgage (wherever applicable)
- Comprehensive Insurance Hypothecated to ICICI Bank
- Proof of acknowledgment from Sub-Registrar along with declaration from lawyer that he has created charge along with proof of charge creation (wherever applicable)
INTEREST RATE & CHARGES FOR TRACTOR FINANCE
Applicable interest rates, fees, and charges for tractor loans
Interest Rate Range for Tractor Loan
Max 21.25%
Min 13.0%
Mean 15.9%
Annual Percentage Rate (APR) Calculation
The Annual Percentage rate calculator is provided to compute annualised credit cost, which includes interest rate and processing fee. The APR calculator does not include charges like stamp duty, Prepayment charges etc.
Pre-Payment
Lower of the two options mentioned below:
4% of principal outstanding
Interest outstanding for unexpired period of loan
Processing Fees
Up to 4%
Part Payment
Nil*
Duplicate No Due Certificate / NOC
Rs 500 inclusive of GST
Revalidation of NOC Charges
Rs 500 inclusive of GST
Duplicate Amortisation Schedule Charges
Can be downloaded through Net Banking, Rs 200 from branch
Swapping Charges for ECS/Cheque/SI
Rs 500 inclusive of GST
Stamp Duty
At actuals
Late Payment Penalty
2% per month on unpaid instalments.
Legal, Repossession and Incidental Charges
Incidental charges are those expenses that are not budgeted or specified, but are incurred by the bank on behalf of the customer. At actuals.
Loan Cancellation Charges
In the event of cancellation, interest on cancellation to be paid by customer, Rs. 1,000 along with processing fees
Cheque Bounce Charges
Rs 500 excluding GST
Statement of Account
Rs 200 from branch inclusive of GST
Foreclosure Statement Charges
Rs 100 from branch inclusive of GST
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