Odisha Gramya Bank Tractor Loan Interest Rate at 13.25% as on Apr 2024

Odisha Gramya Bank Tractor Loan Interest Rate (Updated on Apr 2024)

INTEREST RATE	13.25%
LOAN AMOUNT	Maximum 85% of the cost of vehicle
LOAN TENURE	Maximum 6 years
MARGIN REQUIRED	15% of the cost price of the vehicle.
PROCESSING FEE	2% to 3% of loan amount
PREPAYMENT CHARGES	As per bank's policy

Odisha Gramya Bank Details

• BANK OFFICIAL WEBSITE - www.odishabank.in
• CONTACT NUMBERS - 0674-2353029, 0674-2353242
• EMAIL ID - [email protected], [email protected]
• MISSED CALL NO. - 8010106686
• CUSTOMER CARE NO. - 0674-2353029
• TOTAL BRANCHES - 955
• HEADQUARTER - Bhubaneshwar
• BANK ADDRESS - AT - Gandamunda, PO - Khandagiri Jagamara-Sundarpada Road, Bhubaneswar, Dist - Khurda, Odisha, Pin - 751030, Odisha

Purpose of Odisha Gramya Bank Tractor Loan

To provide hassle free credit for purchase of Tractor / other transport Vehicle for the purpose of cultivation /transportation of agricultural produces. Purchase of Tractor and other Transport vehicles including three wheelers for the purpose of cultivation, carriage of agricultural produces and for providing transport facility to the farm houses.

Features & Benefits of Odisha Gramya 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 Odisha Gramya Bank Tractor Loan

ndividuals having special aptitude in transport business and also the farmers having interest in farm mechanization will be eligible to be financed under the scheme subject to satisfactory compliance of KYC norms

Documents Required for Odisha Gramya 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 Odisha Gramya Bank Tractor Loan

Liquid security by way of Bank's charge on TDRs / NSC (s)/ KVP (s)/ Surrender Value of LIC Policies / Advance Value of gold ornaments with present value of not less than 40% of the loan amount in addition to Bank's hypothecation charge on the vehicle.

Loan Amount for Odisha Gramya Bank Tractor Loan

Maximum 85% of the cost of vehicle

Margin

Margin 15% of the cost price of the vehicle.

Tenure for Odisha Gramya Bank Tractor Loan

Maximum 6 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 Odisha Gramya Bank Tractor Loan

100 basis points less than BPLR i.e. 13.25%

Processing Charges for Odisha Gramya Bank Tractor Loan

2% to 3% of the loan amount

How to Apply for Odisha Gramya Bank Tractor Loan

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

Tractor Loan Processing by Odisha Gramya Bank

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

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