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LOAN FOR FARM MECHANIZATION
WHAT DOES LOAN FOR FARM MECHANIZATION PROVIDE?
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.
Eligibility:-
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 productive work for minimum of 2000 Hrs in a year for combine harvester; 

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 productive work for minimum 1000 hours for Tractors and 600 hours for Power Tillers.
Quantum of loan:-
The amount of loan that one can avail depends on 85% to 95% of cost of the Unit based on quotation.
Margin:-
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.

Rate of Interest And Processing charges:-
Please click here to know our latest interest rates
Repayment:-
Tractor, Combine Harvester : 7 to 9 years

Power Tiller : 5 to 7 years

 


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