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SBI Tractor Loan

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SBI offers tractor loans to both farmers and institutions at interest rates starting from 11.95% p.a. for loan amounts of up to Rs 25 lakh and repayment tenures of up to 5 years. Loan applicants can avail this secured agricultural term loan facility to meet the cost of purchasing tractors and its accessories, including insurance and registration charges.

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Updated: 15-04-2024 11:38:37 AM

SBI Tractor Loan Highlights
Interest Rates 11.95% p.a. onwards
Loan Amount Rs 2 lakh to Rs 25 lakh
Loan Tenure Up to 5 years
Fees and Charges
  • For loan amounts of up to Rs 2 lakh: Nil
  • For loan amounts above Rs 2 lakh: 1.4% of loan amount + GST
Margin 25% of total cost of tractor including accessories, implements, insurance and registration charges
Security
  • Primary: Hypothecation of tractor and its accessories
  • Collateral: Mortgage of land, gold ornaments, other approved liquid securities or third party guarantee

Note: Interest Rates as on 15th April 2024

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SBI Tractor Loan Interest Rates

The interest rates on SBI Tractor Loan starts from 11.95% p.a. (1 year MCLR + 3.30%). The lender has not specified the differential interest rate matrix for its loan applicants based on their credit scores, nature and value of the primary/collateral security, past repayment track record, etc. However, most lenders set the business loan interest rates for their tractor loan applicants on the basis of the aforementioned factors.

Fees and Charges for SBI Tractor Loans

The fees and charges for SBI Tractor Loan are as follows:

Particulars Fees and charges
Fees and Charges
  • For loan amounts of up to Rs 2 lakh: Nil
  • For loan amounts above Rs 2 lakh: 1.4% of loan amount + GST
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SBI Tractor Loan Eligibility Criteria

The eligibility criteria set by SBI for its tractor loan applicants are as follows:

  • Individuals or groups of individuals, institutions and organisations are eligible for availing SBI Tractor Loans.
  • Existing or new farmers and borrowers banking with other banks can also avail this loan facility.
  • The loan applicant should hold at least 2 acres of agricultural land.
  • The CIBIL score of loan applicants availing SBI tractor loans should be above 650.
  • Loan applicants are eligible for availing SBI Tractor Loans if the tractor model has undergone commercial tests from organisations including the central farm machinery training and testing institute (CFMTTI) in Budni, Madhya Pradesh or farm machinery training and testing institute (FMTTI) in Hisar, Haryana.
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Documents required for SBI Tractor Loan

The documents required for availing different types of SBI Tractor Loan schemes are mentioned below:

  • Quotation of tractor from an authorised dealer
  • Identity proof (any one): PAN card, Voter ID card, Aadhaar card, Passport, Driving License, etc.
  • Address proof (any one): Voter ID card, Aadhaar card, Passport, Driving License, etc.
  • Proof of agricultural land or cultivation
  • Other documents as per sanction

 

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