Union Bank Of India Tractor Loan Interest Rate at 9.60% - 12.10% as on Apr 2024

Union Bank Of India Tractor Loan Interest Rate (Updated on Apr 2024)

INTEREST RATE	9.60% - 12.10%
LOAN AMOUNT	Maximum 85% of unit cost (Including implements) based on quotation
LOAN TENURE	Maximum 9 years
MARGIN REQUIRED	Up to Rs. 1,60,000: Nil Above Rs.1,60,000: Minimum 15% on Road Price includes registration charges, accessories, insurance and road tax Second tractor (after disposal of first tractor): 25%
PROCESSING FEE	2% to 3% of loan amount
PREPAYMENT CHARGES	As per bank's policy

Union Bank Of India Details

• BANK OFFICIAL WEBSITE - www.unionbankofindia.co.in, www.unionbankonline.co.in
• CONTACT NUMBERS - 1800222244, 1800222243, 18002082244, 18004251515, 080-61817110
• EMAIL ID - [email protected]
• MISSED CALL NO. - 9223008586
• CUSTOMER CARE NO. - 1800222244, 1800222243, 18002082244, 18004251515
• TOTAL BRANCHES - 4078
• TOTAL ATMS - 7020
• HEADQUARTER - Mumbai
• BANK ADDRESS - Union Bank Bhavan, 239, Vidhan Bhavan Marg, Nariman Point, Mumbai – 400 021, Maharashtra, India

Purpose of Union Bank Of India Tractor Loan

Loan for farm mechanization provides hassle-free and adequate credit for purchase of farm machinery like tractors, combine harvester, power tillers, farm implements, trolley, etc.

Features & Benefits of Union Bank Of India 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 Union Bank Of India Tractor Loan

Farmers should have at least five acres of perennially irrigated land or corresponding acreage as prescribed for different categories of land under the concerned State Land Ceiling Act.
Farmers should have productive work for minimum 1000 hours for Tractors and 600 hours for Power Tillers.

Documents Required for Union Bank Of India 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 Union Bank Of India Tractor Loan

Primary: Hypothecation of Tractor & Accessories.
Collateral: Mortgage of landed property valued equivalent of 100% of loan value.

Loan Amount for Union Bank Of India Tractor Loan

Maximum 85% of unit cost (Including implements) based on quotation

Margin

Margin Up to Rs. 1,60,000: Nil
Above Rs.1,60,000: Minimum 15% on Road Price includes registration charges, accessories, insurance and road tax
Second tractor (after disposal of first tractor): 25%

Tenure for Union Bank Of India 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 Union Bank Of India Tractor Loan

9.60% - 12.10%

Processing Charges for Union Bank Of India Tractor Loan

2% to 3% of the loan amount

How to Apply for Union Bank Of India Tractor Loan

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

Tractor Loan Processing by Union Bank Of India

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

• Union Bank Of India will consider its loan policy guidelines and verify the documents submitted by you.
• If Union Bank Of India finds you eligible, you will be sent an approval letter for a specific loan amount that is based on your requirement and repayment capacity.
• Union Bank Of India 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