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 |
