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 RATE | 9.65% - 10.50% |
LOAN AMOUNT | Up to 90% finance of value of the tractor |
LOAN TENURE | Maximum 9 years |
MARGIN REQUIRED | 10% to 25% of the cost of vehicle |
PROCESSING FEE | 2% to 3% of loan amount |
PREPAYMENT CHARGES | As 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.
Farmer | Non Farmer |
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Minimum 18 years of age | Minimum 18 years of age |
Maximum age of 60 on the date of funding | Maximum age of 60 on the date of funding |
Minimum income of Rs. 1 lakh per annum | Minimum income of Rs. 1.50 lakh per annum |
Minimum 2 to 3 acres of agricultural land required | A 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 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 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
- 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.
- 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 Disbursement | Post Disbursement |
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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 |