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Rural

Farm Mechanisation

Purpose

New: For Purchase of new Machineries such as tractor, power tiller, combined harvester and other farm machineries/implements like mould board plough, disc plough, cultivator, disc harrow, fertilizer spreader, seed cum fertilizer drill, trailer, chaff cutter, thresher, trolley, sprayer, duster, sugarcane crusher etc. New advanced machineries like soil testers, sensors, etc.

Old/Second Hand: Purchase of Second Hand Tractor, power tiller and combined harvester.

Eligibility

Individual Farmers having own land

Land Tractor Power Tiller Combined Harvester Other Farm Machinery
Irrigated 2.5 acres or 1 ha. 1.5 acres or 0.60 ha. 6 acres or 2.40 ha. 1 acre or 0.40 ha.
Unirrigated Land 5 acres or 2 ha. 3 acres or 1.20 ha. 12 acres or 4.80 ha. 2 acres or 0.80 ha.

Quantum of finance

As per cost of the vehicle / equipment

Security

Loan upto Rs.1.60 lakh

  • Hypothecation of machinery & Bank charge to be registered with RTO.
 

Loan above Rs.1.60 lakh

  • Hypothecation of machinery & Bank charge to be registered with RTO
  • Mortgage of Land or Declaration as per Agril. Credit Act or collateral security of adequate worth

Margin

New Second Hand Repair
Margin 15% of total cost 40% of assessed value 30% of repair cost

Rate of interest

Interest Rates as decided by the Bank from time to time.

Repayment

Type of Machinery Tractor Power Tiller Combined Harvester Other Farm Machinery *Repair Loan
New Max 9 years Max 7 years Max 9 years Max 5 years Max 3 years
*Second Hand Max 4 Years Max 3 Years Max 5 Years No Finance No Finance