Tractor Loan from SBI, 16% of the Indian economy is based on agriculture. More than 60% of India’s citizens work in agriculture. Much progress has been made in agricultural technology and resources than before. Due to this, the production efficiency has also been greatly improved. Through agriculture, you can earn good profit only when you have the resources of advanced technology to do agriculture.
Pump set for irrigation and tractors for plowing, etc., have become very important in doing agricultural work. If you want to buy a tractor. But due to lack of money you are not able to buy a tractor. So you don’t need to worry.
In India, many finance companies and banks provide you tractor loans, but it is considered good to take a tractor loan from the largest bank of India, the State Bank of India (SBI). You can get a loan of 80% of the cost of the tractor. Today we are going to tell you through this article about the Tractor loan from SBI. Let’s Start.
SBI Tatkal Tractor Loan:- Features and Benefits
- 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
Documents Required for Loan Application
Duly filled in application form Passport-sized photographs. Tractor’s quotation from reputed dealership.
Identity proof:- Passport, Voter ID, Driving License, PAN card, Aadhar card, etc.
Address proof:- Voter ID card, Passport, Aadhaar card, Driving license, etc.
Proof of agricultural land or cultivation6 Post Date Cheques (PDCs) / ECS. Any other document required by SBI .
Eligibility Criteria
The applicant should hold minimum 2 acres of land Farmers -individuals and Joint borrowers who are owner cultivators are eligibleOnly applications from the list of relatives, as specified by the Bank may become as co-applicant.
Interest Rate
Margin 25%: 10.25% onwards per annum. Margin 40%: 10.10% onwards per annum Margin 50%: 10.00 onwards per annum .
SBI New Tractor Loan Scheme:- Processing charges and fees
- Pre payment
- NIL
- Processing fee
- 0.5%
- Part payment
- NIL
- Duplicate No due certificate
- NIL
- Stamp duty
- As applicable
- Late payment penalty
- 1% p.a. on unpaid installments
- 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/-
Is any guarantor or security required to get a tractor loan?
This question must be coming to your mind. It is also permissible to come because to get almost all types of loans, you need a guarantor or security. But you do not need any guarantor or security to take a tractor loan from SBI only if you are taking a loan of up to 1 lakh. But if you are taking a tractor loan of more than 1 lakh then you need a guarantor or security.
FAQz
- Tenure of SBI Tractor Loan
The tenure of the SBI tractor loan ranges from 12 months to 84 months.
2. Documents required to take SBI Tractor Loan
You will need the following documents to get Tractor Loan
Based on these documents, your loan gets approved within few days. Before taking a tractor loan, remember that you must have a bank account and a PAN card, only then you will be given a loan.
3. What is the interest rate of the SBI Tractor Loan?
According to the current information received from the website of SBI, the interest rate is from 10% to 12%.
4. How to repay the SBI tractor Loan?
SBI gives you the EMI option to repay the loan. At the time of taking the loan, you are asked for your banking details, through the same bank details your, loan EMI is deducted every month. All you have to keep in mind is that before the due date of your EMI, there should be a sufficient balance in your account.
5. How to apply for the Tractor Loan?
To apply for the SBI tractor loan. First of all, you have to go to the nearest branch of the SBI bank to your home. After that, with the help of an employee of the bank, you can apply for a loan.
6. 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.
7. What is the best bank to get a tractor loan with a low interest rate?Ans. There are several banks offering tractor loans at competitive interest rates, however interest rates offered by SBI are also attractive and comparatively low.
8. What is the maximum loan amount I can take on a tractor loan from SBI in India?
The maximum loan amount offered by SBI is the 100% funding of the total cost of the tractor, as per the quotation provided by the renowned and authorized dealership.
9. How to get a Tractor Loan from SBI?
To get Tatkal Tractor Loan from SBI, you can visit paisabazaar.com to check and compare various loan deals offered by SBI and can fill and submit the loan application form online.