Bank Of India Tractor Loan Interest Rate at 11.70% - 12.70% as on Apr 2024

Bank Of India Tractor Loan Interest Rate (Updated on Apr 2024)

INTEREST RATE	11.70% - 12.70%
LOAN AMOUNT	As per cost of the vehicle / equipment
LOAN TENURE	Maximum 9 years
MARGIN REQUIRED	New: 15% to 25% & old: 33.33%
PROCESSING FEE	2% to 3% of loan amount
PREPAYMENT CHARGES	As per bank's policy

Bank Of India Details

• BANK OFFICIAL WEBSITE - www.bankofindia.co.in
• CONTACT NUMBERS - 022-66684444, 18001031906, 1800220229
• EMAIL ID - [email protected]
• MISSED CALL NO. - 9015135135
• CUSTOMER CARE NO. - 1800220229, 18001031906, 022-40919191
• TOTAL BRANCHES - 4892
• TOTAL ATMS - 6771
• HEADQUARTER - Mumbai
• BANK ADDRESS - BANK OF INDIA STAR HOUSE C - 5, "G" Block, Bandra Kurla Complex, Bandra (East), Mumbai 400 051.

Purpose of Bank Of India Tractor Loan

Purchase of new or second hand tractor, power tiller, power thresher, harvester, power sprayer, power duster, chaft cutter, other equipments useful for agricultural activities.

Features & Benefits of Bank Of India 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 Bank Of India Tractor Loan

Individual Farmers having 8 acres of perennially irrigated land for tractor and 5 acres of perennially irrigated land for power tiller. Depending upon the scope of custom hiring & cropping pattern, land holding criteria may be considered at 5 acres and 3 acres for tractors and power tillers respectively.

Documents Required for Bank Of India Tractor Loan

• Proof of Identity: (Passport / Voter's ID / Driving License/PAN Card/Aadhar Card)
• Address Proof: (Ration card /Driving License/ Voter's ID / Utility Bill (any one within last 3months) / Registered Rental Agreement / Passport)
• Land holding proof/ Latest Land Records: Should not be more than 3 months old, in case of farmers
• Income Tax (ITR) and financial statements for the last two years, complete with schedules and P&L account.
• Bank statements for the last six months
• Driving license for commercial usage cases
• Signature Proof: Copy of driving licence / Copy of PAN card / Present Banker verification.
• Fleet list details
• A certified true copy of Proprietorship declaration, partnership deed, board resolution, Memorandum & articles of association will be required in case of partnership firms and limited companies respectively.

Security for Bank Of India Tractor Loan

Hypothecation of machinery & Bank charge to be registered with RTA.
Mortgage of Land or Declaration as per Agril. Credit Act or collateral security of adequate worth.

Loan Amount for Bank Of India Tractor Loan

As per cost of the vehicle / equipment

Margin

Margin New: 15% to 25% & old: 33.33%

Tenure for Bank Of India Tractor Loan

Maximum 9 years

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 Bank Of India Tractor Loan

11.70% - 12.70%

Processing Charges for Bank Of India Tractor Loan

1.00% of Limit sanctioned

How to Apply for Bank Of India Tractor Loan

1. Apply Online: You can apply online through website of Bank Of India 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 Bank Of India branches along with all the required documents , fill up the form and get your loan approval process started.

Tractor Loan Processing by Bank Of India

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

• Bank Of India will consider its loan policy guidelines and verify the documents submitted by you.
• If Bank Of India finds you eligible, you will be sent an approval letter for a specific loan amount that is based on your requirement and repayment capacity.
• Bank Of India 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