Tractor Loan
get loan to buy a tractor to plough your farm
Learn more about our Loan a Tractor Scheme for agriculture under TMB Business Loan Products.
Our loan a tractor scheme helps the rural and semi urban community to avail of loans under priority agri financing to buy a tractor. The criteria and conditions for sanction are relaxed to help extend the loan to the needy people at attractive rates of interest and low processing charges.
Being a priority sector lending, the documentation is simple and processing is quick.
- Purpose
- To purchase Tractor and other implements.
- Eligibility
- Individual / Joint, Sole Proprietary Concerns, Partnership Firms, Trusts, Societies, Limited Companies and all legal entity.
- Land Holding
- Minimum 2 acres of Irrigatable Land / 4 acres of dry land (fully cultivable) subject to economic viability.
- Primary Security
- Hypothecation of Tractor and other implements going to be purchased.
- Collateral Security
- In case of agricultural land, collateral security should be obtained for not less than 100% of the limit.
- In case of other properties, collateral security should be obtained for not less than 50% of the limit.
- Collateral Society may be obtained in the form of fixed deposits, National Savings Certificate, LIC Policy (Surrender Value only) or such other acceptable security.
- Loan Quantum
- Upto Rs. 6 Lakhs.
- Margin
- 15%.
- Repayment
- Repayment period will be fixed on the basis of cropping pattern / harvesting season and income generations upto a maximum of 9 years.
- Rate of Interest
- Click MCLR Rates of Interest for MCLR based interest rates. For further details please contact our nearest branch.
- Penal Interest
- Any irregularity or default in repayment will attract penal interest of 2.00% p.a. over and above the above rate of interest on the balance outstanding exceeding Rs. 25,000.00.
- Processing Charges
- 1.00% of Limit sanctioned without any maximum cap.
- Insurance
- To cover the value of assets charged to the Bank.
- Documentation
- Simple Documentation as per Bank Norms.
All the above Terms and Conditions are subject to change and sanctioning of the loans is at the sole discretion of the Bank. Goods & Service Tax (GST) on All Service Charges extra wherever applicable.
