Uco Bank Tractor Loan Interest Rate at 10.60% - 12.10% as on Apr 2024

Uco Bank Tractor Loan Interest Rate (Updated on Apr 2024)

INTEREST RATE	10.60% - 12.10%
LOAN AMOUNT	85% on amount of the investment.
LOAN TENURE	Maximum 9 years
MARGIN REQUIRED	15% of amount of the investments.
PROCESSING FEE	2% to 3% of loan amount
PREPAYMENT CHARGES	As per bank's policy

Uco Bank Details

• BANK OFFICIAL WEBSITE - www.ucobank.com
• CONTACT NUMBERS - 18001030123, 033-44557300
• EMAIL ID - [email protected], [email protected]
• MISSED CALL NO. - 9278792787
• CUSTOMER CARE NO. - 18001030123
• TOTAL BRANCHES - 3020
• TOTAL ATMS - 2096
• HEADQUARTER - Kolkata
• BANK ADDRESS - Head Office,239, Vidhan Bhavan Marg,Nariman Point,Mumbai-400 021.

Purpose of Uco Bank Tractor Loan

Transformation of Traditional subsistence agriculture into commercial position. Assist farmers, to shift from traditional farming to mechanized farming for reducing the time and cost of tillage and other agricultural operations and also improving the quality of tillage so as to increase their crop productions through multiple cropping and profitability.

Features & Benefits of Uco 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 Uco Bank Tractor Loan

• Such beneficiary or group of beneficiaries to whom a joint loan or group loan is sanctioned shall be able to use the tractor for cultivation of his / their own farm not less than 8 acres of perennially irrigated land.
• Minimum land holding for loan eligibility for power tiller 4 acres of perennially irrigated land.
• It shall also be ensured that the tractor / power tiller will have a minimum of 1000/600 hrs. of productive work in agriculture per year on own farm or both on own farm and on account of customer service.
• Loan granted under this scheme for purchase of all agricultural machineries, implements, like tractor / power tiller and other accessories like tractor trailer and tractor implements such as mould board plough, disc harrow, cultivator, seed drill, paddy puddler, bull dozer, combine

Documents Required for Uco 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 Uco Bank Tractor Loan

• Hypothecation of tractor and other implements and accessories proposed to be purchased(Hypothecation cum agreement form No.105(combined).
• Guarantee from one or two guarantors acceptable to the Bank.
• Simple/ equitable mortgage of land to cover the value of loan limit.

Loan Amount for Uco Bank Tractor Loan

85% on amount of the investment.

Margin

Margin 15% of amount of the investments.

Tenure for Uco 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 Uco Bank Tractor Loan

10.60% - 12.10%

Processing Charges for Uco Bank Tractor Loan

2% to 3% of the loan amount

How to Apply for Uco Bank Tractor Loan

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

Tractor Loan Processing by Uco Bank

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

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