Kerala Gramin Bank Tractor Loan Interest Rate at 10.60% - 11.60% as on Apr 2024

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

INTEREST RATE	10.60% - 11.60%
LOAN AMOUNT	Any amount as per project / Unit cost as per scheme norms
LOAN TENURE	Maximum 10 years
MARGIN REQUIRED	5% to 20 % of project cost
PROCESSING FEE	2% to 3% of loan amount
PREPAYMENT CHARGES	As per bank's policy

Kerala Gramin Bank Details

• BANK OFFICIAL WEBSITE - www.keralagbank.com
• CONTACT NUMBERS - 0483 2733509, 0497 2717800
• EMAIL ID - [email protected], [email protected]
• MISSED CALL NO. - 9015800400
• TOTAL BRANCHES - 651
• HEADQUARTER - Malappuram
• BANK ADDRESS - PB No.10, KGB Towers, AK Road, Malappuram - 676 505

Purpose of Kerala Gramin Bank Tractor Loan

To extend credit to purchase of farm machinery such as tractor, power Tiller, Other Farm machineries

Features & Benefits of Kerala Gramin 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 Kerala Gramin Bank Tractor Loan

All Farmers i.e. Indviduals/ Joint Borrowers who are own cultivators / agriculture entrepreneurs. Borrower should have knowledge/experience in the activity and should be capable of carrying out the activity successfully.

Documents Required for Kerala Gramin 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 Kerala Gramin Bank Tractor Loan

Upto Rs. 1 lakh: Hypothecation of crops/ animals/birds/ farm assets
Above Rs. 1 lakh: Hypothecation of crops/ animals/ birds/ farm assets and equitable mortgage of landed property valued 150% of loan amount

Loan Amount for Kerala Gramin Bank Tractor Loan

Any amount as per project / Unit cost as per scheme norms

Margin

Margin 5% to 20 % of project cost

Tenure for Kerala Gramin Bank Tractor Loan

Maximum 10 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 Kerala Gramin Bank Tractor Loan

10.60% - 11.60%

Processing Charges for Kerala Gramin Bank Tractor Loan

2% to 3% of the loan amount

How to Apply for Kerala Gramin Bank Tractor Loan

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

Tractor Loan Processing by Kerala Gramin Bank

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

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