Karur Vysya Bank Tractor Loan Interest Rate at 9.90% as on Apr 2024

Karur Vysya Bank Tractor Loan Interest Rate (Updated on Apr 2024)

INTEREST RATE	9.90%
LOAN AMOUNT	Cost of tractor and impliments minus the margin.
LOAN TENURE	Maximum 7 years
MARGIN REQUIRED	Minimum of 20%
PROCESSING FEE	2% to 3% of loan amount
PREPAYMENT CHARGES	As per bank's policy

Karur Vysya Bank Details

• BANK OFFICIAL WEBSITE - www.kvb.co.in
• CONTACT NUMBERS - 18602581916, 18004196500, 022-40426031, 04324-269000
• EMAIL ID - [email protected]
• MISSED CALL NO. - 9266292666
• CUSTOMER CARE NO. - 18004196500, 022-40426031
• TOTAL BRANCHES - 976
• HEADQUARTER - Karur
• BANK ADDRESS - Erode Road, No 20, Vadivel Nagar, L.N.S., Karur - 639002

Purpose of Karur Vysya Bank Tractor Loan

This loan is for the purchase of a tractor or power tiller. With the purchase of tractors and tillers you will add convenience to your farming activities. The loan can be used to purchase any model of tractors and accessories.

Features & Benefits of Karur Vysya 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 Karur Vysya Bank Tractor Loan

For the purchase of a tractor, the agriculturist should own not less than 3 to 5 acres of perennially irrigated land or corresponding acreage as prescribed.

Documents Required for Karur Vysya 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 Karur Vysya Bank Tractor Loan

Hypothecation of the tractor & implements to be purchased out of Bank Finance.
Collateral Security of 100% of the loan amount.

Loan Amount for Karur Vysya Bank Tractor Loan

Cost of tractor and impliments minus the margin.

Margin

Margin Minimum of 20%

Tenure for Karur Vysya Bank Tractor Loan

Maximum 7 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 Karur Vysya Bank Tractor Loan

1 year MCLR + 0.85% i.e. 9.90%

Processing Charges for Karur Vysya Bank Tractor Loan

Upto 2.5% of the loan amount + GST

How to Apply for Karur Vysya Bank Tractor Loan

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

Tractor Loan Processing by Karur Vysya Bank

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

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