Are you an agricultural enthusiast looking to enhance your farming operations with essential machinery like tractors and harvesters? Uttar Bihar Gramin Bank is here to support your agricultural journey with our Tractor and Harvester Loan. Let’s explore how you can benefit from this financial solution:
Table of Contents
Purpose/Objective
The Tractor and Harvester Loan program is designed to help individuals and partnership firms purchase agricultural machinery such as tractors and harvesters, along with other essential equipment, to boost agricultural productivity.
Eligibility
To qualify for this program, you should meet the following criteria:
- Any individual or partnership firm engaged in agriculture or allied activities, owning their land.
- You should be a permanent resident of the bank’s command area.
- Possess a minimum of 4 acres of irrigated land and 8 acres of unirrigated land.
- Have a minimum of 1000 hours of hiring experience.
- You should not have a history of defaulting on loans from any bank or financial institution.
Loan Type
The loan type is a Term Loan.
Loan Eligibility
You can access up to 80% of the total loan amount.
Margin
A margin of 20% of the total loan amount is required.
Disbursement
Loan amounts are disbursed directly to the supplier or dealer via cheque/draft, streamlining the purchase process.
Interest Rate
The interest rate is set at 12.5% compounded half-yearly (subject to change).
Insurance
Comprehensive insurance with a bank clause is necessary to cover the purchase amount.
Moratorium
A moratorium period of 6 months is available within the repayment period.
Security
- Primary Security: Hypothecation of the tractor and other machinery.
- Collateral Security: Mortgage of land.
KYC
Completion of Know Your Customer (KYC) requirements is mandatory.
Repayment
You have a maximum repayment period of 9 years, including the moratorium period, with installment options of quarterly or half-yearly payments.
Note
One key with a copy of the tractor registration, with a bank clause, should be kept in custody of the branch.
With Uttar Bihar Gramin Bank’s Tractor and Harvester Loan, you gain access to the essential machinery required for efficient and productive farming. Our casual and customer-friendly approach ensures that you can discuss your unique agricultural needs with us, and we’ll help you drive agricultural prosperity.
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 Tractor and Harvester Loan.
