Bank Of Maharashtra Tractor Loan Interest Rate at 10.70% - 11.70% as on Apr 2024

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

INTEREST RATE	10.70% - 11.70%
LOAN AMOUNT	Maximum Rs 10 lakhs
LOAN TENURE	Maximum 7 years
MARGIN REQUIRED	25% of the cost of vehicle
PROCESSING FEE	2% to 3% of loan amount
PREPAYMENT CHARGES	As per bank's policy

Bank Of Maharashtra Details

• BANK OFFICIAL WEBSITE - www.bankofmaharashtra.in
• CONTACT NUMBERS - 020-25532731, 733, 734, 735, 736, 020-25532728, 020-25514501-12, 020-25513781
• EMAIL ID - [email protected], [email protected]
• MISSED CALL NO. - 9222281818
• CUSTOMER CARE NO. - 18002334526, 18001022636
• TOTAL BRANCHES - 1880
• TOTAL ATMS - 1849
• HEADQUARTER - Pune
• BANK ADDRESS - Bank of Maharashtra Head Office, 'Lokmangal', 1501, Shivajinagar Pune-411005

Purpose of Bank Of Maharashtra Tractor Loan

To extend hassle-free and adequate credit for purchase of Tractor, accessories and other implements.

Features & Benefits of Bank Of Maharashtra 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 Maharashtra Tractor Loan

• The applicant/s should be an agriculturist, cultivating his own land or should be engaged in allied activities such as Dairy, Poultry, sericulture, fisheries etc.
• The applicant/s should have net annual income of minimum Rs.3.00 Lakh from farm / allied activities / other sources and should own minimum 4 acres of perennial irrigated land or minimum 6 acres of seasonally irrigated land.
• Applicant's age should be between 18 years & 70 years.

Documents Required for Bank Of Maharashtra 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 Maharashtra Tractor Loan

Hypothecation of Vehicle & Mortgage of Land / Third Party Guarantee

Loan Amount for Bank Of Maharashtra Tractor Loan

Maximum Rs 10 lakhs

Margin

Margin 25% of the cost of vehicle

Tenure for Bank Of Maharashtra Tractor Loan

Maximum 7 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 Maharashtra Tractor Loan

10.70% - 11.70%

Processing Charges for Bank Of Maharashtra Tractor Loan

2% to 3% of the loan amount

How to Apply for Bank Of Maharashtra Tractor Loan

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

Tractor Loan Processing by Bank Of Maharashtra

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

• Bank Of Maharashtra will consider its loan policy guidelines and verify the documents submitted by you.
• If Bank Of Maharashtra 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 Maharashtra 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