SBI Tractor Loan Yojana 2022, how to take tractor loan?

SBI Tractor Loan Yojana 2022 :- If you are a farmer and are thinking of buying a tractor for various farming purposes. But due to its high price, you are unable to buy it or are looking for some kind of plan which can bear the burden of your increased cost. So that you can take it easily and complete the farming tasks with great ease.

This is the solution to your problem SBI Tractor Loan Scheme 2022 This scheme is from the country’s bank State Bank. of india ,State Bank of India, drove by Is going. Through which you can easily take loan. Therefore, to get complete information related to the loan, read the post till the end.

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What is the objective of SBI Tractor Loan Yojana 2022

The objective of this scheme run by State Bank of India is to provide cost price to the farmers for the purchase of tractors. Insurance and registration (insurance + registration) is also included in this cost price. With the cost price given by the bank, the farmer can easily buy the tractor of his choice as per the rules of the bank. and also How to take tractor loan One can easily get answers to such questions. Whose information is given below in a step-by-step manner.

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how to apply

You can easily apply for the loan by understanding the features of SBI’s tractor loan scheme. ,apply tractor loan online, Can do. tractor loan scheme The features are as follows:-

  • Type of loan facility – Agricultural term loan.
  • Amount of loan to be taken – This amount is minimum Rs 2,00,000 and maximum Rs 25,00,000.
  • Margin Money – 25% of the total cost price of the tractor including accessories and equipment. Which also includes insurance and registration fees.
  • Moratorium – No moratorium is included.
  • Repayment – ​​10 equal six monthly installments along with the principal amount along with interest.
  • Security – For loans up to Rs 1.60 lakh, there is no hypothecation of hypothecation of equipment purchased with bank finance including tractor and accessories and no collateral. Also, for loans above Rs 1.60 lakh, hypothecation of tractor and goods and land/gold jewelery/other liquid security or third party guarantee as collateral.
  • Interest subvention – Not applicable here.
  • Others – This also does not apply.

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Eligibility Criteria

The eligibility criteria for tractor loan scheme should be as follows:-

  1. Any individual, groups of individuals and institutions, organizations.
  2. Existing / New farmers / Good borrowers banking with other banks.
  3. The applicant must have a minimum of two acres of agricultural land.
  4. The CIBIL score of the applicant should also be more than 650.

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Required Documents

Following are the required documents for SBI Tractor Loan Yojana 2022 (tractor loan documents) is required. These documents (tractor finance documents) duly filled:-

  1. Duly filled application form
  2. Tractor Quotation by Authorized Dealer
  3. Identity proof includes Voter ID/PAN Card/Passport/Aadhar Card/Driving License etc.
  4. Proof of Address: Voter ID/Passport/PAN Card/Driving License/Aadhar Card etc.
  5. Cultivation land / proof of cultivation
  6. Any other document required to take loan

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Interest, Fees and Charges

  • interest or tractor loan interest rate – One year MCLR + 3.30%
  • Fees and Charges – Nil up to Rs 2 lakh and 1.40% of loan amount + GST ​​for above Rs 2 lakh

Note:- The information given by us is based on the information given by State Bank of India (SBI). SBI Tractor Loan Scheme 2022 based on. The above information is once again from SBI. official website Go and read it. tractor loan Before taking the loan, please contact the nearest branch of SBI.

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