Are you a business owner looking to broaden your horizons and expand your operations with essential machinery like tractors and harvesters? Uttar Bihar Gramin Bank is here to support your growth with our Non-Agricultural Tractor and Harvester Loan. Let’s explore how you can benefit from this financial solution:
Purpose/Objective
The Non-Agricultural Tractor and Harvester Loan program aim to assist individuals and partnership firms engaged in businesses other than agriculture to purchase machinery, such as tractors, to support their operations.
Eligibility
To qualify for this program, you should meet the following criteria:
- You should be engaged in business operations.
- You should be a permanent resident of the bank’s command area.
- The tractor should be properly utilized through hiring as per techno appraisal.
- 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, simplifying the purchase process.
Interest Rate
The interest rate is set at 13% on a monthly basis (subject to change), with monthly application.
Insurance
Comprehensive insurance with a bank clause is necessary to cover the machinery.
Security
- Primary Security: Hypothecation of the tractor and other machinery.
- Collateral Security: Double the worth of the granted loan.
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 equated monthly installments.
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 Non-Agricultural Tractor and Harvester Loan, you can equip your business with the necessary tools for growth and expansion. Our casual and customer-friendly approach ensures that you can discuss your unique business needs with us, and we’ll help you drive success.
Don’t miss this opportunity to take your business to the next level. Reach out to Uttar Bihar Gramin Bank today and unlock new possibilities with our Non-Agricultural Tractor and Harvester Loan.
