Tamil Nadu Grama Bank Tractor Loan Interest Rate at Please contact the nearest branch as on May 2024

Tamil Nadu Grama Bank Tractor Loan Interest Rate (Updated on May 2024)

INTEREST RATE	Please contact the nearest branch
LOAN AMOUNT	Need based, subject to maximum of Rs. 50 lakh
LOAN TENURE	Maximum 7 years
MARGIN REQUIRED	Upto Rs. 1,00,000: NIL Above Rs. 1,00,000: 10% to 25% based on the activity
PROCESSING FEE	2% to 3% of loan amount
PREPAYMENT CHARGES	As per bank's policy

Tamil Nadu Grama Bank Details

• BANK OFFICIAL WEBSITE - https://www.tamilnadugramabank.com/
• CONTACT NUMBERS - 0427-2522900, 0427-2522970
• EMAIL ID - [email protected]
• TOTAL BRANCHES - 0
• HEADQUARTER - Salem
• BANK ADDRESS - No. 6, Yercaud Road Hasthampatty, Salem 636007

Purpose of Tamil Nadu Grama Bank Tractor Loan

Provides finance to purchase of Tractor/ Power Tiller

Features & Benefits of Tamil Nadu Grama 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 Tamil Nadu Grama Bank Tractor Loan

Individual Farmer/ Group of farmers with adequate skill and knowledge to carry out the proposed activity

Documents Required for Tamil Nadu Grama 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 Tamil Nadu Grama Bank Tractor Loan

Upto Rs. 1,60,000: Hypothecation of assets created out of loan
Above Rs. 1,60,000: Collateral security by way of Mortgage

Loan Amount for Tamil Nadu Grama Bank Tractor Loan

Need based, subject to maximum of Rs. 50 lakh

Margin

Margin

• Upto Rs. 1,00,000: NIL
• Above Rs. 1,00,000: 10% to 25% based on the activity

Tenure for Tamil Nadu Grama Bank Tractor Loan

Maximum 7 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 Tamil Nadu Grama Bank Tractor Loan

Please contact the nearest branch

Processing Charges for Tamil Nadu Grama Bank Tractor Loan

0.60% of loan limit

How to Apply for Tamil Nadu Grama Bank Tractor Loan

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

Tractor Loan Processing by Tamil Nadu Grama Bank

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

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