Prathama Bank Tractor Loan Interest Rate at 13% as on Apr 2024

Prathama Bank Tractor Loan Interest Rate (Updated on Apr 2024)

INTEREST RATE	13%
LOAN AMOUNT	As per the quotation of the machinery
LOAN TENURE	Maximum 9 years
MARGIN REQUIRED	Nil: in case of tie up arrangements 15%: In case of non tie up arrangements 10%: in case of accessories
PROCESSING FEE	2% to 3% of loan amount
PREPAYMENT CHARGES	As per bank's policy

Prathama Bank Details

• BANK OFFICIAL WEBSITE - www.prathamabank.org
• CONTACT NUMBERS - 09837889051 0591-2492088/2455176-80, Fax-0591-2455175
• EMAIL ID - [email protected], [email protected]
• MISSED CALL NO. - 9278700860
• CUSTOMER CARE NO. - 18008331555
• TOTAL BRANCHES - 422
• HEADQUARTER - Moradabad
• BANK ADDRESS - Prathama Bhawan, Ram Ganga Vihar Phase-II, Post Box NO. 446, Moradabad-244001

Purpose of Prathama Bank Tractor Loan

For providing term loan to purchase new tractors of ISI marked with standard accessories.
Presently, the Bank has tie up arrangements with the 3 big manufacturers of Tractors namely - Mahindra. Swaraj and Sonalika.

Features & Benefits of Prathama 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 Prathama Bank Tractor Loan

Farmers residing in the operational area of the branch and holding at least 4.00 acre irrigated land in their names subject to availability of at least 1000 hours work to the tractors

Documents Required for Prathama 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 Prathama Bank Tractor Loan

Simple Registered Mortgage or charge creation over agriculture land
2 coobligants acceptable to the Bank, in tie up arrangements, one coobligant may be accepted

Loan Amount for Prathama Bank Tractor Loan

As per the quotation of the machinery

Margin

Margin

• Nil: in case of tie up arrangements
• 15%: In case of non tie up arrangements
• 10%: in case of accessories

Tenure for Prathama Bank Tractor Loan

Maximum 9 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 Prathama Bank Tractor Loan

13%

Processing Charges for Prathama Bank Tractor Loan

2% to 3% of the loan amount

How to Apply for Prathama Bank Tractor Loan

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

Tractor Loan Processing by Prathama Bank

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

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