Punjab Gramin Bank Tractor Loan Interest Rate at 12.75% as on Apr 2024

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

INTEREST RATE	12.75%
LOAN AMOUNT	Need based net of margin
LOAN TENURE	Maximum 9 years
MARGIN REQUIRED	Upto Rs. 1 lakh: Nil Above Rs. 1 lakh to Rs.2 lakhs: 5% Above Rs. 2 lakhs to Rs. 5 lakhs: 10% Above Rs.5 lakhs: 25%
PROCESSING FEE	2% to 3% of loan amount
PREPAYMENT CHARGES	As per bank's policy

Punjab Gramin Bank Details

• BANK OFFICIAL WEBSITE - www.pgbho.com
• CONTACT NUMBERS - 1800 180 7777, 01822-509555,233025
• EMAIL ID - [email protected]
• CUSTOMER CARE NO. - 1800 180 7777, 01822-509555,233025
• TOTAL BRANCHES - 275
• HEADQUARTER - Kapurthala
• BANK ADDRESS - Jallandhar Road, Kapurthala - 144 001, Punjab

Purpose of Punjab Gramin Bank Tractor Loan

Purchase of new tractors and matching implements/equipments such as cultivators, harrows, disc ploughs, trolleys, etc

Features & Benefits of Punjab 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 Punjab Gramin Bank Tractor Loan

Farmer or a group of farmers holding land jointly should have a land holding either owned by them or held by them on perpetual leasehold rights of minimum 2.5 acres of perennially irrigated land or corresponding acreage. financing of tractor shall be done after ensuring economic viability of the tractor loan proposal.

Documents Required for Punjab 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 Punjab Gramin Bank Tractor Loan

• Upto Rs.1,00,000: Hypothecation of crops/assets created out of bank loan
• Above Rs.1,00,000: Hypothecation of crops/assets created out of bank loan
• (And) Charge on land as per Agricultural Credit Operations and Miscellaneous Provisions Act of the State concerned/Mortgage of agricultural land valued at 100% of amount of loan for other farmers, 75% of the loan amount for small farmers/marginal farmers;
• (Or) Alternate security, viz., charge/lien over liquid securities such as term deposits/NSCs/ KVPs, etc., which may be considered adequate;
• (Or) Suitable third party guarantee.

Loan Amount for Punjab Gramin Bank Tractor Loan

Need based net of margin

Margin

Margin

• Upto Rs. 1 lakh: Nil
• Above Rs. 1 lakh to Rs.2 lakhs: 5%
• Above Rs. 2 lakhs to Rs. 5 lakhs: 10%
• Above Rs.5 lakhs: 25%

Tenure for Punjab Gramin 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 Gramin Bank Tractor Loan

12.75%

Processing Charges for Punjab Gramin Bank Tractor Loan

2% to 3% of the loan amount

How to Apply for Punjab Gramin Bank Tractor Loan

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

Tractor Loan Processing by Punjab Gramin Bank

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

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