Indian Overseas Bank Tractor Loan Interest Rate at 9.65% - 10.50% as on Mar 2024

Indian Overseas Bank Tractor Loan Interest Rate (Updated on Mar 2024)

INTEREST RATE9.65% - 10.50%
LOAN AMOUNTUp to 90% finance of value of the tractor
LOAN TENUREMaximum 9 years
MARGIN REQUIRED10% to 25% of the cost of vehicle
PROCESSING FEE2% to 3% of loan amount
PREPAYMENT CHARGESAs per bank's policy

Indian Overseas Bank Details

  • BANK OFFICIAL WEBSITE - www.iob.in
  • CONTACT NUMBERS - 18008904445, 18004254445, 044-28524212
  • EMAIL ID - [email protected]
  • MISSED CALL NO. - 9210622122
  • CUSTOMER CARE NO. - 18008904445, 18004254445, 044-28524212
  • TOTAL BRANCHES - 3381
  • TOTAL ATMS - 3571
  • HEADQUARTER - Chennai
  • BANK ADDRESS - 763 Anna Salai, Chennai - 600002

Purpose of Indian Overseas Bank Tractor Loan

Financing for purchase of machinery/implements like Tractors, Power Tillers, seed drill, seed-cum-fertilizer drill, planters, power sprayers, seed cleaners, weed removers, power threshers, chaff cutters, cane crushers, harvester combines etc.

Features & Benefits of Indian Overseas Bank 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 Indian Overseas Bank Tractor Loan

Individual / Joint, Sole Proprietary Concerns, Partnership Firms, Trusts, Societies, Limited Companies and all legal entity.

FarmerNon Farmer
Minimum 18 years of ageMinimum 18 years of age
Maximum age of 60 on the date of fundingMaximum age of 60 on the date of funding
Minimum income of Rs. 1 lakh per annumMinimum income of Rs. 1.50 lakh per annum
Minimum 2 to 3 acres of agricultural land requiredA telephone line (Owned, PP Landline or Mobile) is mandatory

Documents Required for Indian Overseas Bank 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 Indian Overseas Bank Tractor Loan

Hypothecation of tractor and other implements purchased with the Bank loan.
Third party guarantee mortgage of properties.

Loan Amount for Indian Overseas Bank Tractor Loan

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

Margin

Margin 10% to 25% of the cost of vehicle

Tenure for Indian Overseas Bank 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 Indian Overseas Bank Tractor Loan

9.65% - 10.50%

Processing Charges for Indian Overseas Bank Tractor Loan

2% to 3% of the loan amount

How to Apply for Indian Overseas Bank Tractor Loan

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

Tractor Loan Processing by Indian Overseas Bank

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

  • Indian Overseas Bank will consider its loan policy guidelines and verify the documents submitted by you.
  • If Indian Overseas Bank finds you eligible, you will be sent an approval letter for a specific loan amount that is based on your requirement and repayment capacity.
  • Indian Overseas Bank 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 DisbursementPost Disbursement
Duly completed loan documentsRegistration (RC) book with hypothecation charge in favour of bank
Original title deed of land for collateralOriginal invoice issued by tractor dealer
Post Dated Cheques, ECS RequestTractor Insurance Copy