Tractor Subsidy In Pondicherry

Tractors Subsidy in Pondicherry

Promotion of Agricultural Mechanisation Schemes

1) Purchase of tractors @ 50 % subsidy - General-Rs.1.00 lac/S.C.–Rs.1.50 lakhs
2) Purchase of power tillers with matching implements @ 50% subsidy - General-Rs.0.50 lac/S.C.–Rs.0.75 lakh
3) Purchase of paddy transplanters @ 50 % subsidy - Rs. 1.00 lakh
4) Purchase of improved agricultural machinery/ implements @ 50 % subsidy - Rs.50,000
5) Purchase of conventional implements @ 50 % subsidy - Rs.15,000
6) Purchase of oil engines/electric motors @50% subsidy - Rs.10,000

Tractor Purchase Loan Schemes in UCO Bank

Product Segment - Direct Agriculture

Type of Loan - Term loan

Purpose
Transformation of Traditional subsistence agriculture into commercial position Assist farmers, to shift from traditional farming to mechanized farming for reducing the time and cost of tillage and other agricultural operations and also improving the quality of tillage so as to increase their crop productions through multiple cropping and profitability.

Eligibility
Such beneficiary or group of beneficiaries to whom a joint loan or group loan is sanctioned shall be able to use the tractor for cultivation of his / their own farm not less than 8 acres of perennially irrigated land.
Minimum land holding for loan eligibility for power tiller 4 acres of perennially irrigated land.
It shall also be ensured that the tractor / power tiller will have a minimum of 1000/600 hrs. of productive work in agriculture per year on own farm or both on own farm and on account of customer service.
Loan granted under this scheme for purchase of all agricultural machineries, implements, like tractor / power tiller and other accessories like tractor trailer and tractor implements such as mould board plough, disc harrow, cultivator, seed drill, paddy puddler, bull dozer, combine

Quantum of loan - 85% on amount of the investment.

Margin - 15% of amount of the investments.

Security
Hypothecation of tractor and other implements and accessories proposed to be purchased(Hypothecation cum agreement form No.105(combined).
Guarantee from one or two guarantors acceptable to the Bank.
Simple / equitable mortgage of land to cover the value of loan limit.
Insurance - Tractor purchased by the farmer should carry comprehensive insurance as per Motor Vehicle Act and policy should be got assigned in Bank’s favour.
The rate of interest should be as per extant guidelines of the Bank changing from time to time

Repayment
The maximum repayment period within which loan for purchase of tractor and power tiller is to be repaid will be 9 and 7 years respectively.

Mahindra Finance Tractor Loan

Features and Benefits

Repayment for tractor loan is based on cash flows i.e. monthly/quarterly and half yearly (asset becomes loan free in five years)
Quick disbursal within two days after loan approval
Available for a wide range of tractors
Stress-free loan sanction without mortgaging of land
Easy and flexible documentation

Eligibility:

We cater to all segments of customers owning a tractor or planning to own one.

Documents required:

KYC Documents
Income proof to support repayment of loan