Under the State Bank of India Tatkal Tractor Loan, 100% of the cost of the tractor, including insurance and registration fees, is being provided as a loan. Let us know all the information related to this loan of SBI including the interest rate.
New Delhi. If you are planning to buy a new tractor after getting fed up with getting a tractor on rent to get the farming done and you are running short of money, then this news is for you. State Bank of India, the country’s largest lender, has introduced a special scheme of loans for farmers ‘Tatkal Tractor Loan’ (SBI Tatkal Tractor Loan). Under this, SBI is providing loan up to 100% of the cost of tractor including Tractor Insurance and Registration Fees.
SBI Tatkal Tractor Loan is Agriculture Term Loan. The cost of tractor accessories will not be included in the loan given by the bank. The most important thing is that farmers can immediately pay the amount taken in the tractor loan to the bank in 4 to 5 years. The tractor financed by the bank has comprehensive insurance. 25/40/50 per cent (Invoice + Insurance + Registration) amount of the cost of tractor should be deposited in TDR of zero rate. Let us tell you that the tractor financed by the bank will be with the bank till the loan is repaid, that is, it will be mortgaged in a way. Also, the bank will have the right on the TDR accepted as margin money.
Who can get this SBI loan?
- You should have at least 2 acres of land for Tatkal tractor loan.
- All farmers can apply for a loan in the bank under this scheme.
- Only the relatives mentioned by SBI in the loan can become co-applicants.
What are the documents required with the application?
- Fill the application form for loan. Also put a quotation of the tractor from a dealer in it.
- Voter ID, PAN, Passport, Aadhaar or any one of the driving license as proof of identity.
- One in Voter ID Card, Passport, Aadhar Card or Driving License for Address Proof.
- Apart from this, proof of cultivable land will have to be presented.
- Also, 6 post dated checks will have to be provided.
How much interest will SBI have to pay?
- After deducting the TDR amount from the loan amount, interest will be charged on the remaining amount.
- Margin 25%: One year MCLR + 3.25% p.a. i.e. 10.25 per cent.
- Margin 40%: One year MCLR + 3.10% p.a. i.e. 10.10 per cent.
- Margin 50%: One year MCLR + 3.00% p.a. i.e. 10 per cent.
- Processing fee is 0.50 per cent of the loan amount as initial fee.