Gramin Bank Of Aryavart Tractor Loan Interest Rate at 11% as on Apr 2024

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

INTEREST RATE	11%
LOAN AMOUNT	Will be decided by the bank
LOAN TENURE	Maximum 9 years
MARGIN REQUIRED	Up to Rs. 1,00,000/-: zero. Above Rs.1,00,000/-: 10% of the total project cost.
PROCESSING FEE	2% to 3% of loan amount
PREPAYMENT CHARGES	As per bank's policy

Gramin Bank Of Aryavart Details

• BANK OFFICIAL WEBSITE - www.aryavart-rrb.com
• CONTACT NUMBERS - 0522-2398873-74,07388899783 7388800775, 7388800776 Fax-0522-2392986
• EMAIL ID - [email protected]
• CUSTOMER CARE NO. - 18004251112
• TOTAL BRANCHES - 677
• HEADQUARTER - Lucknow
• BANK ADDRESS - A-2/46, Vijay Khand, Gomti Nagar, Lucknow - 226 010

Purpose of Gramin Bank Of Aryavart Tractor Loan

The bank is providing financial assistance to the farmers for adoption of farm mechanization with new technology in order to boost up agriculture production.

Features & Benefits of Gramin Bank Of Aryavart 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 Gramin Bank Of Aryavart Tractor Loan

• For Tractor: Farmers, having minimum 04 acres of perennially irrigated land in single name or in the joint names on which 2 to 3 crops are being grown in a year, are eligible to avail finance for the purchase of tractor up to 35 horse power. Farmers, having minimum 05 acres of perennially irrigated land in single name or in the joint names on which 2 to 3 crops are being grown in a year, are eligible to avail finance for the purchase of tractor above 35 horse power.
• For Power Tiller: Farmers, having minimum 2.5 acres of perennially irrigated land in single name or in the joint names on which 2 to 3 crops are being grown in a year, are eligible to avail finance for the purchase of power tiller.
• Applicant for both the above items, must be permanent resident of the service area village/ the village that falls within the radius of 25 Km. of the bank's branch.

Documents Required for Gramin Bank Of Aryavart 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 Gramin Bank Of Aryavart Tractor Loan

• Up to 1,00,000/-: Hypothecation of the assets created out of bank finance.
• Above 1,00,000/-: Hypothecation of the assets created out of bank finance and Charge on Agricultural land proposed for loan and guarantee of two persons acceptable to bank, however prospective borrower shall not be compelled to give such guarantee if he is otherwise eligible to avail the loan under the scheme.
  OR
  Liquid security such as NSC/Fixed Deposit of the full value of the amount sanctioned plus guarantee of two persons, acceptable to the bank.

Loan Amount for Gramin Bank Of Aryavart Tractor Loan

Will be decided by the bank

Margin

Margin Up to Rs. 1,00,000/-: zero.
Above Rs.1,00,000/-: 10% of the total project cost.

Tenure for Gramin Bank Of Aryavart 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 Gramin Bank Of Aryavart Tractor Loan

11%

Processing Charges for Gramin Bank Of Aryavart Tractor Loan

2% to 3% of the loan amount

How to Apply for Gramin Bank Of Aryavart Tractor Loan

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

Tractor Loan Processing by Gramin Bank Of Aryavart

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

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