Meghalaya Rural Bank Tractor Loan Interest Rate at 9.50% - 13.50% as on Apr 2024

Meghalaya Rural Bank Tractor Loan Interest Rate (Updated on Apr 2024)

INTEREST RATE	9.50% - 13.50%
LOAN AMOUNT	No Minimum or Maximum limit of land amount. However, loan amount will depend on the actual cost of tractors / power tiller and implements as per the invoices/quotations.
LOAN TENURE	Maximum 9 years
MARGIN REQUIRED	Minimum 15%
PROCESSING FEE	2% to 3% of loan amount
PREPAYMENT CHARGES	Not applicable

Meghalaya Rural Bank Details

• BANK OFFICIAL WEBSITE - www.meghalayaruralbank.co.in
• CONTACT NUMBERS - 0364 - 2504311, 1800 -123 -6230
• EMAIL ID - [email protected]
• CUSTOMER CARE NO. - 0364 - 2504311, 1800 -123 -6230
• TOTAL BRANCHES - 90
• HEADQUARTER - Shillong
• BANK ADDRESS - KJP Conference Centre, Barik Point, Lachumiere, Shillong 793001, Meghalaya

Purpose of Meghalaya Rural Bank Tractor Loan

To extend hassle-free and adequate credit for purchase of Tractor, accessories and other implements.

Features & Benefits of Meghalaya Rural 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 Meghalaya Rural Bank Tractor Loan

• Minimum Utilisation: Minimum utilization of 1000 hours of productive work per year in case of Tractor
• Own Use: At least, 50% must be utilized on own land and remaining for other operations including custom hiring. Generally, for a Tractor 600 hours for farm use and 400 hours for Other Operations are envisaged.
• Land Holding: A farmer having 8 acres of irrigated own farm land can be given for purchasing a Tractor. Minimum irrigated landholding for a Power Tiller is 5 acres.

Documents Required for Meghalaya Rural 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 Meghalaya Rural Bank Tractor Loan

For loan up to Rs. 1,00,000: Hypothecation of assets created out of Bank loan. Tractor/Power Tiller must be registered with the transport authority and Bank's charges should be recorded with the authority.
For loan above Rs. 1,00,000: In addition to Hypothecation of assets, other collateral security in the form of LIEN on deposits/mortgage of land & building, third party guarantee etc.

Loan Amount for Meghalaya Rural Bank Tractor Loan

No Minimum or Maximum limit of land amount. However, loan amount will depend on the actual cost of tractors / power tiller and implements as per the invoices/quotations.

Margin

Margin Minimum 15%

Tenure for Meghalaya Rural Bank Tractor Loan

Maximum 9 years

Repayment as Equated Monthly Installments (EMI)

Not applicable

Interest Rate for Meghalaya Rural Bank Tractor Loan

9.50% - 13.50%

Processing Charges for Meghalaya Rural Bank Tractor Loan

Not applicable

How to Apply for Meghalaya Rural Bank Tractor Loan

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

Tractor Loan Processing by Meghalaya Rural Bank

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

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