| |
| |
Purpose |
Purchase of Tractors and Power Tillers |
Eligibility |
| Farmers/applicant should have a minimum land holding of |
- 4 Acres of Perennially Irrigated Land or
- 8 Acres of Dry Land
- 2.5 Acres of Irrigated Land and 5 acres of Dry land
The applicant should be progressive farmer and should not be an absentee land lord
|
|
Loan Amount |
Based on the quotation for the supply of tractor/power tillers and required implements to the maximum of 90% of the cost of machinery |
Repayment |
7 to 9 years. Repayable in Yearly/Half Yearly instalments |
Rate of Interest |
Special Rates as Farm Mechanisation is treated as Thrust Area Advance. Present Rate – 12% |
Insurance |
Vehicle to be insured comprehensively with Bank clause |
Other Conditions |
New Tractors/Power Tillers:
It will be ensured that the tractor will have a minimum of 1000 hours of productive work in agriculture per year on own farm or on own farm and custom hiring (50% on own farm) For power tillers 150 hours of productive work will be adequate
Second Hand Tractors:
Tractors not be more than 7 years old would only be eligible for finance |
