Finance For Tractor & Power Tiller
Eligibility
The applicant should have:
- Minimum land holdings for financing tractors up to 35 HP -4 acres of perennial irrigated land
- For tractors above 35 HP _ 6 acres of perennially irrigated land.
- And corresponding acreage prescribed for different categories of land under State Land Ceiling Act (SLCA)
- Minimum 600 hours work per annum for the machine.
Features
| Features | ||
|---|---|---|
| Unit Cost | : | According to the invoice or quotation of approved make |
| Margin | : | 15% for borrowers availing loan for the first tractor or power tiller 30% for borrowers availing loan for the second tractor or power tiller |
| Repayment | : | 9 years for tractors repaid half yearly 7 years for power tillers repaid rests |
| Security | : | Primary: Hypothecation of tractor, tiller with implements Collateral: Mortgage of farmlands or 3rd party guarantee |
| Insurance | : | 3rd party insurance for the full value of the machinery |
