SBI Cheapest Tractor Loans: The country's largest bank, State Bank of India (SBI) is providing various types of tractor loans to farmers under its New Tractor Loan Scheme. Here, we will inform you about the features, eligibility, processing charges & fees and documents required avail the cheapest tractor loans available.
In India, we have many tractor brands like Sonalika, Mahindra, Escorts etc.
SBI Cheapest Tractor Loans: Features
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The Loan amount will cover the cost of tractor, accessories, implements, insurance and registration expenses.
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NO UPPER CEILING in quantum of loan amount.
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Quick processing - 7 days from the date of submission of all required documents
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Facility of Monthly/quarterly/yearly repayments
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Get concession of Interest @1% p.a by repaying promptly
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Collateral Security: Registered/equitable mortgage of land for value not less than 100% of the loan amount
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Margin is 15% of the cost of tractor, accessories, implements, insurance and registration expenses
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Rate of Interest: 11.95% p.a. w.e.f 01.05.2016
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Repayment period is 60 months with 1 month
SBI New Tractor Loan Scheme: Eligibility
There must be minimum 2 acres of land in the name of applicant.
SBI New Tractor Loan Scheme: Processing charges and fees
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Description of charges |
Charges Applicable |
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Pre payment |
NIL |
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Processing fee |
0.5% |
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Part payment |
NIL |
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Duplicate No due certificate |
NIL |
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Stamp duty |
As applicable |
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Late payment penalty |
1% p.a on unpaid installments |
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Penalty for failure to get the vehicle registered within one month from the date of delivery |
2% for the period of default |
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Failed SI (per SI) |
Rs. 253/- |
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Failed EMI (Per EMI) |
Rs. 562/- |
SBI New Tractor Loan Scheme: Documents Required
1. Pre sanction
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Duly filled in application form
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3 latest passport size photographs
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Identity proof: Voter ID card, PAN card, Passport, Aadhaar card
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Address proof: Voter ID card, Passport, Aadhaar card
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Documentary proof of land
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Quotation of tractor issued by dealer to customer
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Title search report from the panel advocate
2. Pre disbursement
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Duly executed loan documents
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Original title deeds of land for mortgage
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Post Dated Cheques
3. Post disbursement
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RC book with hypothecation charge in favor of SBI
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Original invoice/bill issued by dealer to the customer
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Comprehensive insurance copy
Source: https://sbi.co.in/
