State Bank of India Tractor finance scheme in India 2023 | State Bank of India Tractor loan

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:

Processing fee:

0.5%

Part payment:

Duplicate No due certificate:

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:

Processing fee:

Part payment:

Duplicate No due certificate:

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:

Processing fee:

1.25%

Part payment:

Duplicate No due certificate:

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