Tractor Finance News

Tractor Finance: Indian Bank Offers Finance for Purchase of Tractors

Purpose of Finance-
For mechanizing the farming activities so as to improve agricultural production or productivity.

To purchase tractors or power tiller together with necessary equipments like cultivator, tiller, mould board plough, disc harrow, cage wheel, trailer, threshers, harvesters etc.

For getting this loan the eligibility is that farmers having minimum of 6 acres of irrigated land or 12 acres of dry land.

Amount of Loan is based on the quotation / invoice submitted for the vehicles and implements.

Margin is a) 10% and b) Can be reduced to 5% if value of collateral security is at least equal to loan amount.

Repayment: Maximum 9 years, in half yearly / yearly instalments depending upon the crop cultivated.

Hypothecation of tractor and other implements purchased with the Bank loan.
Third party guarantee mortgage of properties.

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