Saurashtra Gramin Bank Tractor Loan Interest Rate at 12% to 13% as on Apr 2024
Saurashtra Gramin Bank Tractor Loan Interest Rate (Updated on Apr 2024)
| INTEREST RATE | 12% to 13% |
| LOAN AMOUNT | Related to cost of purchase keeping required margin, subject to maximum of Rs. 8 lakhs. |
| LOAN TENURE | Maximum 9 years |
| MARGIN REQUIRED | 25% |
| PROCESSING FEE | 2% to 3% of loan amount |
| PREPAYMENT CHARGES | As per bank's policy |
Saurashtra Gramin Bank Details
- BANK OFFICIAL WEBSITE - www.sgbrrb.org
- CONTACT NUMBERS - 0281-2482421, 2482422, 18005327444, 18008331004, Fax-0281-2371127
- EMAIL ID - [email protected]
- MISSED CALL NO. - 9289200123
- CUSTOMER CARE NO. - 0281-2482421, 2482422, 18005327444, 18008331004
- TOTAL BRANCHES - 564
- HEADQUARTER - Rajkot
- BANK ADDRESS - Wing-2, 1st Floor, LIC, Jeevan Prakash Building, Tagore Road, Rajkot - 360001 Gujarat, India
Purpose of Saurashtra Gramin Bank Tractor Loan
To extend advance for purchase of Tractor with Accessories.Features & Benefits of Saurashtra 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 Saurashtra Gramin Bank Tractor Loan
Agriculturist having minimum 6 Acre irrigated Agriculture land.Documents Required for Saurashtra 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 Saurashtra Gramin Bank Tractor Loan
Primary Security: Hypothecation of the tractor or any other accessories for which the loan was applied.Collateral Security: Creation of charge on the agricultural land, post-dated cheques, third party guarantees are also accepted.
Loan Amount for Saurashtra Gramin Bank Tractor Loan
Related to cost of purchase keeping required margin, subject to maximum of Rs. 8 lakhs.Margin
Margin 25%
Tenure for Saurashtra Gramin Bank Tractor Loan
Maximum 9 yearsRepayment 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 Saurashtra Gramin Bank Tractor Loan
12% to 13%Processing Charges for Saurashtra Gramin Bank Tractor Loan
- Up to Loan amount of Rs. 25,000: Rs. 100
- For Loan amount above Rs. 25,001 to Rs. 1,00,000: Rs. 500
- For Loan above Rs. 1.00 lakh: 1.25 % of Loan amount
How to Apply for Saurashtra Gramin Bank Tractor Loan
- Apply Online: You can apply online through website of Saurashtra Gramin Bank and fill up your personal information and work information & uploading necessary documents. You can apply after checking your loan eligibility.
- Apply Offline: You can visit personally to any of Saurashtra Gramin Bank branches along with all the required documents , fill up the form and get your loan approval process started.
Tractor Loan Processing by Saurashtra Gramin Bank
After you have submitted completed tractor loan application form along with the necessary supporting documents, Saurashtra Gramin Bank will take following steps:
- Saurashtra Gramin Bank will consider its loan policy guidelines and verify the documents submitted by you.
- If Saurashtra 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.
- Saurashtra 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 |