SBI Tatkal Tractor Loan: State Bank of India (SBI) which is the country's largest bank has now come up with Tatkal Tractor Loan after its New Tractor Loan Scheme. In this article, we will inform you about its features, benefits, eligibility, processing charges & fees, documents required and repayment period.
SBI Tatkal Tractor Loan: Features and Benefits
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MORTGAGE FREE Tractor Loan
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Turn Around Time (TAT) 48 hours only
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Free accidental insurance cover of Rs. 4.00 Lakhs
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Lowest interest rate
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No Processing Fee
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Differentiated repayment (M/Q/HY) repayment facility
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Collateral Security Lien on TDR accepted as margin money
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Margin Minimum 25% of the cost of tractor including insurance and registration charges.
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Margin (%) - 25
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Effective interest rate (% p.a.) - 11.20
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Margin (%) - 35
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Effective interest rate (% p.a.) - 10.95
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Margin (%) - 50
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Effective interest rate (% p.a.) - 10.55
* w.e.f 01.05.2016
Repayment period
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48 months when the installments are fixed on the net loan (Bank Loan – Margin kept as TDR with bank)
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60 Months when the installments are fixed on the basis of total loan
SBI Tatkal Tractor Loan: Eligibility
All farmers – individual/joint borrowers who are owner cultivators
Minimum 2 acres of agricultural land in the name of borrower(s)
Processing charges & fees
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Description of charges |
Charges Applicable |
|
Pre payment |
NIL |
|
Processing fee |
NIL |
|
Part payment |
NIL |
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Duplicate No due certificate |
NIL |
|
Late payment penalty |
1% p.a. on unpaid installments |
|
Failed SI (per SI) |
Rs. 253/- |
|
Failed EMI (Per EMI) |
Rs. 562/- |
SBI Tatkal Tractor Loan: Documents Required
Pre sanction
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Duly filled in the application form
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3 latest passport size photographs
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Identity proof- A voter ID card, PAN card, Passport, Aadhaar card
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Address proof: Voter ID card, Passport, Aadhaar card
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Documentary proof of land
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Quotation of tractor issued by the dealer to customer
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Title search report from the panel advocate
Pre disbursement
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Duly executed loan documents
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48 or 60 Post Dated Cheques
Post disbursement
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RC book with hypothecation charge in favor of SBI
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Original invoice/bill issued by the dealer to the customer
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Comprehensive insurance copy
Source: sbi.co.in
