How to get Tractor Loan From State Bank of India:
Indian economy is based on agriculture and more than 75% of Indian citizens work in the agriculture sector. You may also know this, Agriculture has begun to be done in a modern way at present Where tractor has an indispensable role. owing to this, the competition has now started to bring a tractor among the farmers. Those who are rich farmers take it easy but those who are a pauper farmer. They do not have as much money. So that he could buy a tractor. This is why they think of taking the farmer tractor loan owing to less information they can not get the best advantage of the loan. Tatkal Tractor Loan
Today, how will you get a Tractor? Which bank can you provide Tractor Loan? I am sharing information about all important things for tractor Loan. You can read our tractor loan information complete today. Thereby, you can not get much trouble in taking loans. First of all, know this. Who is eligible for this loan.
Who can take a tractor loan? What is eligibility?
- Anyone can take a tractor loan. If you are not a farmer and you want to take a tractor loan you can also get it. Now you do not have to worry.
- You can take a loan from any bank. If you take this loan from SBI(State Bank of India), you must have at least two acres of land then only SBI Bank provides you this loan. These are their condition.
- You must have enough income to pay for the loan. Your annual income should be at least 1.5 lakh rupees in SBI Female Strength Loan.
What is the interest rate in a tractor loan?
The SBI tractor loans an interest rate of around 12% on the loan. Let us understand this from the table.
Effective interest rate (% annual)
How much can get a tractor loan?
- There is the same rule in all the vehicle loan terms. In this, you will not get the entire value of the tractor. You have to put some money on your behalf.
- The rules of each bank or financial institution can be different about this. But you have to bring the value of 15-20% in your own way.
- In SBI, you can get a loan up to 85% of the price of the tractor.
What are the documents you required for a tractor loan?
All banks take the same documents. But a bank can take a separate document. We are telling you about the necessary documents.
- Fully filled application form
- 3 new passport size photos
- Identity proof – Voter ID card / PAN card / Passport / Aadhaar card / Driving license etc.
- Address proof: Voter Identity Card / Passport / Aadhar Card / Driving License etc.
- Documentary proof of land, Whose land is in the name of.
- Quotation of the tractor issued to the customer by the dealer
- Loan documents
- 48 or 60 answers dated check
- RC Book in favor of the bank
- Original invoice/bill issued to the customer by the dealer
- Comprehensive insurance copy
Features of SBI Tractor Loan
1. The bank gives you a mortgage-free tractor loan.
2. Approval within only 48 hours (TAT)
3. Sbi gives you Rs. A free accident insurance cover of 4.00 lakhs gives protection. If you get an accident, then you get Rs 4.00 lakh.
4. In SBI, you get a loan at a lower interest rate than the other bank.
5. It does not charge any processing fee from you. Many banks charge 2% on the tractor loan.
6. Provides a special type of repayment facility. (Monthly / Quarter / Half Yearly)
Do you have to give some security for a tractor loan?
If you talk about tractor loan security then You ask the Reserve Bank of India (SBI) to mortgage the land of the value of the loan.
Some banks ask you to pledge some land. There are also some banks that do not ask for security until the loan is paid, the tractor keeps them hypothecate.
With the HDFC Bank and Mahindra Finance, you do not need to pledge the land.
How do you know about this Tractor Loan? If you like this information, then you must share this information with your friends, and with the help of which your friends can also get this important information. If you have any questions related to Tractor Loan, you can send a mail to us. We will definitely reply to your mail.