Tractor Loan

• Interest Rate / PLR
• Traders Loan
• IPO Finance
• Mahalir Loan
• Easy Mortgage Loan
• SME Credit
• Tractor Loan
• Mini Vehicle Loan
• Truck Finance
• Banana Cultivation
• Channel Finance

Learn more about our Loan a Tractor Scheme under TMB Business Loan Products.

Our loan a tractor scheme helps the rural and semi urban community to avail of loans under priority agri financing to buy a tractor. The criteria and conditions for sanction are relaxed to help extend the loan to the needy people at attractive rates of interest and low processing charges. Being a priority sector lending, the documentation is simple and processing is quick.

Purpose

To purchase Tractor and other implements.

Eligibility

Individual / Joint, Sole Proprietary Concerns, Partnership Firms, Trusts, Societies, Limited Companies and all legal entity.

Land Holding

Minimum 2 acres of Irrigatable Land / 4 acres of dry land (fully cultivable) subject to economic viability.

Primary Security

Hypothecation of Tractor and other implements going to be purchased.

Collateral Security

• In case of agricultural land, collateral security should be obtained for not less than 100% of the limit.
• In case of other properties, collateral security should be obtained for not less than 50% of the limit.
• Collateral Society may be obtained in the form of fixed deposits, National Savings Certificate, LIC Policy (Surrender Value only) or such other acceptable security.

Loan Quantum

Upto Rs. 6.00 Lakhs.

Margin

15%.

Repayment

Repayment period will be fixed on the basis of cropping pattern / harvesting season and income generations upto a maximum of 9 years.

Rate of Interest

• PLR - 1.50% (11.50% p.a.).
• Current Prime Lending Rate (PLR) is 13.00% p.a.

Penal Interest

Any irregularity or default in repayment will attract penal interest of 2.00% p.a. over and above the above rate of interest on the balance outstanding exceeding Rs. 25,000.00.

Processing Charges

Rs. 250.00

Insurance

To cover the value of assets charged to the Bank.

Documentation

Simple Documentation as per Bank Norms.

All the above Terms and Conditions are subject to change and sanctioning of the loans is at the sole discretion of the Bank. Service Tax on All Service Charges extra wherever applicable.