Central Bank Of India Tractor Loan Interest Rate at 9.50% - 11.15% as on Apr 2024
Central Bank Of India Tractor Loan Interest Rate (Updated on Apr 2024)
INTEREST RATE | 9.50% - 11.15% |
LOAN AMOUNT | Up to 90% finance of value of the tractor |
LOAN TENURE | Maximum 9 years |
MARGIN REQUIRED | 20% of the cost of vehicle |
PROCESSING FEE | 2% to 3% of loan amount |
PREPAYMENT CHARGES | As per bank's policy |
Central Bank Of India Details
- BANK OFFICIAL WEBSITE - www.centralbankofindia.co.in
- CONTACT NUMBERS - 1800221911, 02241903900
- EMAIL ID - [email protected]
- MISSED CALL NO. - 9555244442
- CUSTOMER CARE NO. - 1800221911, 18002021911
- TOTAL BRANCHES - 4695
- TOTAL ATMS - 4835
- HEADQUARTER - Mumbai
- BANK ADDRESS - Head Office, Chandramukhi, Nariman Point,Mumbai-400 021.
Purpose of Central Bank Of India Tractor Loan
To finance purchase of Tractors, Trailers and other agricultural implements and accessories.Features & Benefits of Central 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 Central Bank Of India Tractor Loan
Individuals, Partnership firms, companies, FSS, PACs engaged in agriculture and / or allied activities and having land holding of 8 acres of perennially irrigated land or 16 acres of dry land cultivating single crop in a year or 4 acres of irrigated land and cultivating minimum two crops in a year.Documents Required for Central 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 Central Bank Of India Tractor Loan
- Hypothecation of Tractor and other assets created out of Bank finance.
- Hypothecation of crops & Mortgage/charge on agricultural land.
- Total value of primary and collateral security should be at least 200% of the loan amount.
Loan Amount for Central Bank Of India Tractor Loan
You can get up to 90% finance on your tractor.
Margin
Margin 20% of the cost of vehicle
Tenure for Central Bank Of India Tractor Loan
Maximum 9 yearsRepayment 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 Central Bank Of India Tractor Loan
9.50% - 11.15%Processing Charges for Central Bank Of India Tractor Loan
Above Rs 3 Lakh: 0.625% of the loan amountHow to Apply for Central Bank Of India Tractor Loan
- Apply Online: You can apply online through website of Central Bank Of India and fill up your personal information and work information & uploading necessary documents. You can apply after checking your loan eligibility.
- Apply Offline: You can visit personally to any of Central 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 Central Bank Of India
After you have submitted completed tractor loan application form along with the necessary supporting documents, Central Bank Of India will take following steps:
- Central Bank Of India will consider its loan policy guidelines and verify the documents submitted by you.
- If Central 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.
- Central 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 |
Other Importent Points
Assets created out of loan have to be insured for full value.