Are you a farmer looking to boost your agricultural productivity with essential machinery like power tillers and other equipment? Uttar Bihar Gramin Bank is here to support your farming endeavors with our Power Tiller and Agricultural Machinery Loan. Let’s explore how you can benefit from this financial solution:
Table of Contents
Purpose/Objective
The Power Tiller and Agricultural Machinery Loan program aim to assist individuals in purchasing agricultural machinery, such as power tillers and other equipment, to enhance farming efficiency.
Eligibility
To qualify for this program, you should meet the following criteria:
- Your age should be between 18 and 60 years.
- You should be a permanent resident of the bank’s command area.
- Possess a minimum of 1 acre of irrigated land.
- Have a minimum of 600 hours of hiring experience.
- You should not have a history of defaulting on loans from any bank or financial institution.
Loan Eligibility
You can access up to 85% of the total loan amount.
Margin
A margin of 15% of the total loan amount is required.
Loan Type
The loan type is a Term Loan.
Loan Repayment
Repayment can be done over 3-5 years on a half-yearly basis, synchronized with the harvesting of crops.
Disbursement
Loan amounts are disbursed directly to the supplier or dealer via cheque/draft, simplifying the purchase process.
Security
- Primary Security: Hypothecation of the power tiller and other machinery.
- Collateral Security: Registered Mortgage of 1 acre of irrigated land. However, in case of 100% liquid security, mortgage of land is not required.
Subsidy
Subsidy is available under the farm mechanization scheme of the State Government’s Agriculture Department. Beneficiaries can receive 50% of the bill amount or a maximum of Rs. 60,000, whichever is less. The beneficiary is responsible for the release and realization of the subsidy.
Interest Rate
The interest rate is set at 12.5% on a half-yearly basis (subject to change).
KYC
Completion of Know Your Customer (KYC) requirements is mandatory.
Insurance
Comprehensive insurance with a bank clause is necessary to cover the machinery.
With Uttar Bihar Gramin Bank’s Power Tiller and Agricultural Machinery Loan, you can equip your farm with the necessary tools for increased efficiency and productivity. Our casual and customer-friendly approach ensures that you can discuss your unique agricultural needs with us, and we’ll help you cultivate success.
Don’t miss this opportunity to enhance your farming operations. Reach out to Uttar Bihar Gramin Bank today and take your agriculture to the next level with our Power Tiller and Agricultural Machinery Loan.