Punjab And Sind Bank Tractor Loan Interest Rate at 10.25% as on Apr 2024

Punjab And Sind Bank Tractor Loan Interest Rate (Updated on Apr 2024)

INTEREST RATE	10.25%
LOAN AMOUNT	Rs 50,000 per acre of owned land with maximum of Rs 5 Lacs.The Term Loan be sanctioned on the basis of risk assessment on case to case basis.
LOAN TENURE	Maximum 9 years
MARGIN REQUIRED	15% to 25% of the project cost.
PROCESSING FEE	2% to 3% of loan amount
PREPAYMENT CHARGES	As per bank's policy

Punjab And Sind Bank Details

• BANK OFFICIAL WEBSITE - https://punjabandsindbank.co.in/
• CONTACT NUMBERS - 1800-419-8300, 011-25752501
• EMAIL ID - [email protected]
• MISSED CALL NO. - 7039035156
• CUSTOMER CARE NO. - 1800-419-8300
• TOTAL BRANCHES - 1588
• HEADQUARTER - New Delhi
• BANK ADDRESS - 21, Bank House, Rajendra Place, New Delhi-110008

Purpose of Punjab And Sind Bank Tractor Loan

To provide additional hassle free investment credit to farmers for agriculture purposes like purchase of tractor, etc.

Features & Benefits of Punjab And Sind 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 Punjab And Sind Bank Tractor Loan

Individual farmers/joint borrowers who are existing Kisan Credit Card (KCC) holders having satisfactory track record of one year.

Documents Required for Punjab And Sind 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 Punjab And Sind Bank Tractor Loan

Hypothecation of assets created out of Bank loan. The additional security will be land already mortgaged with the Bank in KCC limits. The undertaking be obtained from borrower that the Security will not released until and unless Term loan account is adjusted. Third party guarantee be obtained.

Loan Amount for Punjab And Sind Bank Tractor Loan

Rs 50,000 per acre of owned land with maximum of Rs 5 Lacs.The Term Loan be sanctioned on the basis of risk assessment on case to case basis.

Margin

Margin 15% to 25% of the project cost.

Tenure for Punjab And Sind 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 Punjab And Sind Bank Tractor Loan

MCLR + 1.75%PA i.e. 10.25%

Processing Charges for Punjab And Sind Bank Tractor Loan

2% to 3% of the loan amount

How to Apply for Punjab And Sind Bank Tractor Loan

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

Tractor Loan Processing by Punjab And Sind Bank

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

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