Bandhan Bank Limited Tractor Loan Interest Rate at 12.55% - 14.20% as on Apr 2024

Bandhan Bank Limited Tractor Loan Interest Rate (Updated on Apr 2024)

INTEREST RATE	12.55% - 14.20%
LOAN AMOUNT	Maximum Rs 10 lakhs
LOAN TENURE	Maximum 60 months
MARGIN REQUIRED	20%
PROCESSING FEE	2% to 3% of loan amount
PREPAYMENT CHARGES	As per bank's policy

Bandhan Bank Limited Details

• BANK OFFICIAL WEBSITE - www.bandhanbank.com
• CONTACT NUMBERS - 18002588181, 033-4409-9090, 033-6633-3333
• EMAIL ID - [email protected]
• MISSED CALL NO. - 9223008666, 9223008777
• CUSTOMER CARE NO. - 18002588181, 033-4409-9090, 033-6633-3333
• TOTAL BRANCHES - 1685
• HEADQUARTER - Kolkata
• BANK ADDRESS - DN 32, Sector V, Salt Lake City, Kolkata-700091, West Bengal

Purpose of Bandhan Bank Limited Tractor Loan

Enhance productivity to reduce time & effort with Bandhan Bank's secured Agri Equipment Loan. You can now easily access funds to buy a tractor for your farm or the machinery required to process your produce

Features & Benefits of Bandhan Bank Limited Tractor Loan

• Financing available for New as well as Used Tractors
• Get up to 90% finance on your tractor
• Affordable Tractor loan interest rates
• The Loan amount will cover the cost of tractor, accessories, implements, insurance and registration expenses.
• Customized financing solutions to meet individual requirements
• Minimal documentation, quick processing and faster disbursements
• Loan can be availed of with or without additional collateral
• Flexible loan tenure
• Facility of Monthly, Quarterly and Half yearly repayment
• You can use post-dated cheques (PDCs)/ Standing Instruction/ECS/ ACH to easily repay the loan
• Non farmers are also eligible to avail of a loan

Eligibility Criteria for Bandhan Bank Limited Tractor Loan

• For individuals minimum age 23 years and maximum age should be 60 years at the time of closure of loan
• Minimum 4 acres of agricultural land (for tractors only).
• For Non Individual, 2 years of experience in same line of business is required.

Documents Required for Bandhan Bank Limited Tractor Loan

• Duly filled application form
• 3 passport size photograph of the Individual Borrower/partners/Directors
• 2 passport size photograph of the Guarantor, if required
• KYC documents
• Copy of Performa Invoice
• Financial statement of last 2 years
• Trade license or any other regulatory license applicable to unit
• Statement of existing Bank account for last 6 months, if any
• Ownership documents of security to be provided ,if any
• Copy of Partnership deed /Copy of MOA & AOA or other related documents in case of partnership firm /company

Security for Bandhan Bank Limited Tractor Loan

Primary Security: Hypothecation of Tractor and other implements going to be purchased.

Collateral Security: Collateral Security in the form of FDR, NSC, LIC Policies (10 - 30%) based on credit rating or as Equitable Mortgage of immovable properties.

Loan Amount for Bandhan Bank Limited Tractor Loan

Maximum Rs 10 lakhs

Margin

Margin 20%

Tenure for Bandhan Bank Limited Tractor Loan

Maximum 60 months

Repayment as Equated Monthly Installments (EMI)

Any one of the following methods can be used to repay the loan:

• Standing instruction registration at your bank
• Through Internet Banking solution
• Automated Payment through ECS (Electronic Clearing service)
• Through Mobile Banking App, if provided by the bank

Interest Rate for Bandhan Bank Limited Tractor Loan

12.55% - 14.20%

Processing Charges for Bandhan Bank Limited Tractor Loan

1% plus taxes as applicable

How to Apply for Bandhan Bank Limited Tractor Loan

1. Apply Online: You can apply online through website of Bandhan Bank Limited and fill up your personal information and work information & uploading necessary documents. You can apply after checking your loan eligibility.
2. Apply Offline: You can visit personally to any of Bandhan Bank Limited branches along with all the required documents , fill up the form and get your loan approval process started.

Tractor Loan Processing by Bandhan Bank Limited

After you have submitted completed tractor loan application form along with the necessary supporting documents, Bandhan Bank Limited will take following steps:

• Bandhan Bank Limited will consider its loan policy guidelines and verify the documents submitted by you.
• If Bandhan Bank Limited finds you eligible, you will be sent an approval letter for a specific loan amount that is based on your requirement and repayment capacity.
• Bandhan Bank Limited will inform its loan approval decision within its time limit, if your application is complete in all respect.
• After complying all terms and conditions loan will be disbursed.

Documents Required: Pre Disbursement & Post Disbursement of Tractor Loan

Pre Disbursement	Post Disbursement
Duly completed loan documents	Registration (RC) book with hypothecation charge in favour of bank
Original title deed of land for collateral	Original invoice issued by tractor dealer
Post Dated Cheques, ECS Request	Tractor Insurance Copy

Other Importent Points