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Also see : Tractor Loan Emi Calculator
Finance Tips
To make the agricultural land fertile through the use of upgraded tractors, manufactured by pioneers like Swaraj, Mahindra, ACE, Preet tractors etc, farmers are in seek of banks offering loan at lower interest rate. Hereby, we are providing the information regarding the schemes available, documentation proof, eligibility criteria needed by certain banks in a way the farmers can get benefitted.Loan definition:
An arrangement in which a lender gives money to a borrower, and the borrower agrees to repay the money, usually along with interest, at some future point(s) in time.An arrangement in which a lender gives money to a borrower, and the borrower agrees to repay the money, usually along with interest, at some future point(s) in time.Eligibility for getting loan:
If a person is applying for the loan, his loan will get sanctioned only if his eligibility criteria gets satisfied. The reason for checking the eligibility criteria is mainly for assessing a person whether he has the repaying capacity to make the full payment. Each bank has its own eligibility criteria. For example, HDFC bank provides loan for both agriculturalists as well as non-farmers,with the following eligibility criteria.| FARMER | NON-FARMER |
|---|---|
| Minimum age-18 | Minimum age-18 |
| Maximum age on date of funding-60yrs | Maximum age on date of funding-60yrs |
| Income>Rs1 lac | Income>1.5lac |
| Requirement of minimum 3 acres of agricultural land | A Telephone (Owned / PP Land line or Mobile) is mandatory |
Documents Required:
Some of the documents are required for getting quicker approval for tractor loan, assessing the repaying capacity. The requirements in case of documentation differs with each bank .For example, ICICI bank requires the following pre-sanctioned as well pre-disbursement document- Filled-in application form
- Two-latest photographs of all borrowers
- Proof for signature verification - Passport /Driving Licence /Pancard /Bank's verification
- Identity proof
- Address proof
- Constitutional documents
- Quotation of tractor issued by dealer to customer
- Proof of land-holding
- Land-valuation report from empanelled valuer(wherever applicable)
- Past loan track record of the customers
Pre-disbursement document:
- Duly executed loan documents
- Original Invoice issued by dealers to customers
- Title search report from empanelled lawyer(wherever applicable)
- Margin money receipt(Issued by the dealer to the customer as a token of acceptance to the margin money paid)
- Mortgage deed in case of registered mortgage (wherever applicable)
- Comprehensive Insurance hypothecated to ICICI bank
- Proof of acknowledgement from sub-registrar along weith declaration from the lawyer that he created the charge along with the proof of charge creation (wherever applicable)