Tractor Loan/Finance/Refinance
STATE BANK OF INDIA
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.
- 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
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