Icici Bank Limited Tractor Loan Interest Rate at 13% - 22% as on Apr 2024

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

INTEREST RATE	13% - 22%
LOAN AMOUNT	Up to 90% finance of value of the tractor
LOAN TENURE	Maximum 60 months
MARGIN REQUIRED	15% of loan amount
PROCESSING FEE	2% to 3% of loan amount
PREPAYMENT CHARGES	Lower of the 2 options mentioned:1) 4% of principal outstanding or 2) Interest outstanding for unexpired period of loan

Icici Bank Limited Details

• BANK OFFICIAL WEBSITE - www.icicibank.com
• CONTACT NUMBERS - 1800 1080, 022-33667777
• EMAIL ID - [email protected]
• MISSED CALL NO. - 9594612612
• CUSTOMER CARE NO. - 1800 1080, 022-33667777
• TOTAL BRANCHES - 4450
• TOTAL ATMS - 13900
• HEADQUARTER - Mumbai
• BANK ADDRESS - ICICI Bank Towers, Bandra-Kurla Complex, Mumbai 400 051

Purpose of Icici Bank Limited Tractor Loan

ICICI bank offers easy and hassle free tractor loans for first time buyers/tractor owners having agricultural land.

Features & Benefits of Icici 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 Icici Bank Limited Tractor Loan

• Minimum 3 acres of land in the name of borrower
• Agriculture income is being considered for eligibility calculation
• Commercial Income is being considered for commercial segments

Documents Required for Icici Bank Limited Tractor Loan

1. Pre Sanction Documents:
   • Filled in application form
   • Two latest photograph of all borrowers
   • Proof for signature verification - Passport/ Driving licence/ Pan card / Bank's verification
   • Identity proof
   • Address proof
   • Constitutional documents
   • Quotation of tractor issued by dealer to customer
   • Proof of land holding
   • Land valuation report from empanelled valuer (wherever applicable)
   • Past loan track record of the customer (wherever applicable)
2. Pre Disbursement Documents:
   • Duly executed loan documents
   • Original Invoice issued by Dealer to customer
   • Title Search Report from empaneled lawyer (wherever applicable)
   • Margin Money Receipt ( Issued by the dealer to the customer as a token of acceptance to the margin money paid )
   • Mortgage Deed in case of registered mortgage (wherever applicable)
   • Comprehensive Insurance Hypothecated to ICICI Bank
   • Proof of acknowledgment from Sub-Registrar along with declaration from lawyer that he has created charge along with proof of charge creation (wherever applicable)

Security for Icici Bank Limited Tractor Loan

Non- mortgage loan available

Loan Amount for Icici Bank Limited Tractor Loan

You can get up to 90% finance on your tractor.

Margin

Upto 15% margin is required

Tenure for Icici Bank Limited Tractor Loan

Maximum 60 months

Repayment as Equated Monthly Installments (EMI)

Lower of the 2 options mentioned:1) 4% of principal outstanding or 2) Interest outstanding for unexpired period of loan

Interest Rate for Icici Bank Limited Tractor Loan

13% - 22%

Processing Charges for Icici Bank Limited Tractor Loan

Up to 4% of Loan Amount

How to Apply for Icici Bank Limited Tractor Loan

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

Tractor Loan Processing by Icici Bank Limited

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

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

Fixed Rate of Interest throughout the tenure.
Fees and Charges


Description of Charges	Charges applicable
Part Payment	Nil
Duplicate No Due Certificate / NOC	Rs 500 inclusive of GST
Revalidation of NOC charges	Rs 500 inclusive of GST
Duplicate Amortisation Schedule Charges	Can be downloaded through Net Banking, Rs 200 from branch
Swapping charges for ECS/Cheque/SI	Rs 500 inclusive of GST
Stamp Duty	At actuals
Late Payment Penalty	2% per month on unpaid installments
Legal, Repossession and Incidental charges Incidental charges are those expenses that are not budgeted or specified, but are incurred by the bank on behalf of the customer.	At actuals
Loan Cancellation Charges	In the event of cancellation, interest on cancellation to be paid by customer, Rs. 1,000 along with processing fees
Cheque bounce charges	Rs 250 inclusive of GST
Statement of account	Rs 200 from branch inclusive of GST
Foreclosure statement charges	Rs 100 from branch inclusive of GST