Tractor Subsidy In West Bengal

Tractors Subsidy in West Bengal

Tractors Subsidy in West Bengal

The West Bengal Government is offering, Tractor loans at 25 % of the cost of tractors limited to Rs.45, 000/- tractors up to 40 HP

And also offers loans for power-driven equipment (Tractor/Power Tiller operated) Intended inclusion of all tractors and power tiller driven conventional equipment/implement at 25 % of the cost of the machinery, limited to Rs.10000/- for essential tractor driven implements viz. MB/Disc Plough, harrow, cultivator, seed cum fertilizer drill. And 25 % of the cost, limited to Rs.10000/- for a set of power-driven implements i.e. harrow cultivator and seed drill.

For Power operated protection equipment, the subsidy offered is 25% of the cost limited to Rs. 2000/-.

For tractor mounted protection equipment, the subsidy offered is @ 25% of the cost limited to Rs. 4000/-.

Eligibility:

All the small/marginal farmers are eligible for this loan.

HDFC Loans for Tractors in West Bengal:

HDFC offers higher loan amount for the farmers, they can get up to 90% finance on the favorite tractor through this loan.

Easy Repayment options: 

HDFC provides competitive rates of interest, and a flexible tenure of 12 to 84 months, you can use post-dated cheques for a repay the loan.

Tractor Plus Protection Scheme:

In this scheme, you can get financing for the first year or combined finance on the first, second and third year along with motor insurance premium with Credit Shield. This Credit Shield covers for accidental death or permanent total disability of the customer along with an amount equivalent to the outstanding in the loan account.

Loan Without Collateral: 

HDFC Bank’s Tractor Loan for the farmer can be availed of with or without additional collateral.

Service Across Sectors: 

the tractor loans from HDFC are not restricted only to farmers. Non-farmers are also eligible to avail of a loan.

Benefits of HDFC Tractor Loans:

You can enjoy triple benefits of Tractor Loan from HDFC Bank:-

• Faster loan access–HDFC loan sanction and disbursal process is one of the quickest very simple documentation and doorstep services.
• HDFC offers competitive pricing.
• HDFC loan rates and charges are very attractive.

Tractor Subsidy Schemes

Tractor --> @ 25% of the cost limited to Rs.45,000/- tractors up to 40 HP

Power Tiller --> @ 40 % of the cost, limited to Rs.45000/- Power tiller 8BHP & above/@ 40 % of the cost, limited to Rs.25000/- Light weight Power tiller below 8BHP for hilly regions

Power driven equipment (Tractor/Power Tiller operated) Intended inclusion of all tractor and power tiller driven conventional equipment/implement --> i. @ 25 % of the cost, limited to Rs.10000/- for essential tractor driven implements viz. MB/Disc plough, harrow, cultivator, seed cum fertilizer drill./ii. @ 25 % of the cost, limited to Rs.10000/- for a set of power driven implements i.e. harrow cultivator and seed drill.

Power operated protection equipment --> @ 25% of the cost limited to Rs. 2000/-

Tractor mounted protection equipment --> @ 25% of the cost limited to Rs. 4000/-

Popularization of new technology agricultural machines:

For improving adoption of technologies for crop production, it is necessary to properly demonstrate utility of technologies to farmers for achieving higher production and productivity. Therefore, with objective of induction of improved/new technology in agricultural production system, demonstration of newly developed agricultural/ horticultural equipments at the farmers’ fields have been introduced 100% grant-in-aid is given to the implementing agencies i.e State Governments/UTs and Government organizations like ICAR and SFCI for procurement and demonstration of identified equipment.

Incentives for purchase of agricultural machines implements:

In order to make available various agricultural implements and machines at cheaper rates, assistance in the form of subsidy @ 25% to 50% of the cost of equipment/machine with permissible ceiling limits is available to all category of farmers for the purchase of various agricultural equipments under various schemes of the Department of Agriculture and Cooperation such as Macro Management of Agriculture, National Food Security Mission, Rashtriya Krishi Vikas Yojana, National Horticulture Mission etc.

The demand of Farm Equipment such as Power Tillers, Tractors, Combine Harvesters, Rice transplanters, etc has been robust in the recent years, with the increase in income level of farmers (as Minimum Support Price (MSP) for their crops has been enhanced constantly by the government). Additionally, with acute shortage of labor resources and continued subsidy scheme by government to encourage farmers to buy Farm Equipment in order to improve productivity has further increased the Farm Equipment’s demand. The central government provides a subsidy of Rs. 45,000 for Power Tillers, while some governments such as Karnataka & Orissa give subsidy in the range of Rs. 50-60 thousand. Going forward, with consistent government support in the form of subsidy along with bank loan availability at subsidized rate due to government’s focus on priority sector lending, we believe the demand for Farm Equipment especially Power Tillers & sub 20 HP Tractors is expected to be robust over the next few years.

Farm Loan

The Bank has been providing loans for Farm sector, Non-Farm sector, Rural Housing Sector. Repayment period for Medium/Long term loans varies from four (4) Years to fifteen(15) years. Interest is charged on simple interest system on Reducing Balance method. No floating interest rate; only fixed interest rate is applicable.

Scheme --> Tractor/Power Tiller
Detail of Scheme --> As per approved list
Approximate Cost --> Tractor-Rs. 4 lakh/P Tiller–1.15 lakh