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| Farm Mechanization |
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| Features | | | | Forms & Documents | | | | FAQs | | |
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| Please contact the nearest Union Bank branch for details
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| LOAN FOR FARM MECHANIZATION |
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| WHAT DOES LOAN FOR FARM MECHANIZATION PROVIDE? |
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| Loan for farm mechanization provides hassle-free and adequate credit for purchase of farm machinery like tractors, combine harvester, power tillers, farm implements, trolley, etc. |
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| Eligibility:- |
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In order to avail loan for the purchase of Combine Harvesters, etc.
- Farmers should have five acres of perennial irrigated land or corresponding acreage as prescribed for different categories of land under the concerned State Land Ceiling Act.
- Farmers should have done productive work for a minimum of 2,000 hours in a year.
In order to avail loan for the purchase of Tractors, Power Tillers with accessories, implements &/or Trolley, etc.
- Farmers should have at least five acres of perennially irrigated land or corresponding acreage as prescribed for different categories of land under the concerned State Land Ceiling Act.
- Farmers should have done productive work for minimum 1000 hours for Tractors and 600 hours for Power Tillers.
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| Quantum of loan:- |
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| The amount of loan that one can avail depends on 85% to 95% of cost of the Unit based on quotation. |
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| Margin:- |
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| Up to Rs. 1,00,000/- - Nil
Above Rs.1,00,000/- - 10% to 15%.
Subsidy if any will be treated as part of margin.
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| Rate of Interest And Processing charges:- |
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| Repayment:- |
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| Tractor, Combine Harvester : 7 to 9 years
Power Tiller : 5 to 7 years
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LIST OF DOCUMENTS
- D.P. Note
- Hypothecation of crops
- Hypothecation of combine harvester/tractors/power tillers and other machinery
- For loans exceeding Rs.1,00,000/- Mortgage of land &/or 3rd party guarantee
- Comprehensive insurance policy of the combine harvester/tractor/ power tiller and other machinery
- Lien over the combine harvester/tractor/power tiller with the RTA
To download the application form, please Click Here
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| 1. What is the maximum loan amount? |
| The loan amount will be 85-95% of the cost of the implement based on quotation. |
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| 2. What is the repayment period? |
| The repayment period is five to seven years for power tillers and seven to nine years for tractors and combines harvesters. |
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