South Indian Bank Tractor Loan Interest Rate at 14.55% - 16.80% as on Apr 2024

South Indian Bank Tractor Loan Interest Rate (Updated on Apr 2024)

INTEREST RATE	14.55% - 16.80%
LOAN AMOUNT	Upper Ceiling Rs 75 lakhs
LOAN TENURE	Maximum 7 years
MARGIN REQUIRED	10% of cost of vehicle irrespective of collateral Security
PROCESSING FEE	2% to 3% of loan amount
PREPAYMENT CHARGES	2% of prepaid amount

South Indian Bank Details

• BANK OFFICIAL WEBSITE - www.southindianbank.com
• CONTACT NUMBERS - 18004251809, 18001029408
• EMAIL ID - [email protected]
• MISSED CALL NO. - 9223008488
• CUSTOMER CARE NO. - 18004251809, 18001029408
• TOTAL BRANCHES - 1002
• HEADQUARTER - Thrissur
• BANK ADDRESS - SIB House, T.B Road, Mission Quarters, Thrissur-680001, Kerala

Purpose of South Indian Bank Tractor Loan

Loan to purchase Tractors with or without accessories, two wheelers, goods autos, jeeps, pick -up vans/trucks etc

Features & Benefits of South Indian 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 South Indian Bank Tractor Loan

Agriculturists ie. individuals/ jointly with spouse/Plantation companies, trusts, societies etc.(Agri-Direct/Indirect) are eligible.
Minimum of 2.00 acres productive agricultural land area in own name or in the name of close relatives.
The borrower must own a trailer/ other accessories or include the same as an item for purchase.

Documents Required for South Indian 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 South Indian Bank Tractor Loan

Primary Security: Hypothecation of Tractor and other implements going to be purchased.

Collateral Security: Collateral Security in the form of FDR, NSC, LIC Policies (10 - 30%) based on credit rating or as Equitable Mortgage of immovable properties.

Loan Amount for South Indian Bank Tractor Loan

Upper Ceiling Rs 75 lakhs

Margin

Margin 10% of cost of vehicle irrespective of collateral Security

Tenure for South Indian Bank Tractor Loan

Maximum 7 years

Repayment as Equated Monthly Installments (EMI)

2% of prepaid amount

Interest Rate for South Indian Bank Tractor Loan

14.55% - 16.80%

Processing Charges for South Indian Bank Tractor Loan

Upto 1% plus taxes as applicable

How to Apply for South Indian Bank Tractor Loan

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

Tractor Loan Processing by South Indian Bank

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

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