Uttar Bihar Gramin Bank Tractor Loan Interest Rate at 12.50% as on Apr 2024

Uttar Bihar Gramin Bank Tractor Loan Interest Rate (Updated on Apr 2024)

INTEREST RATE	12.50%
LOAN AMOUNT	80% of invoice value
LOAN TENURE	Maximum 9 years
MARGIN REQUIRED	20% of Total Loan amount
PROCESSING FEE	2% to 3% of loan amount
PREPAYMENT CHARGES	As per bank's policy

Uttar Bihar Gramin Bank Details

• BANK OFFICIAL WEBSITE - www.ubgb.in
• CONTACT NUMBERS - 0621-2248141, 3200353
• EMAIL ID - [email protected]
• CUSTOMER CARE NO. - 0621-2248141, 3200353
• TOTAL BRANCHES - 146
• HEADQUARTER - Muzaffarpur
• BANK ADDRESS - Kalambagh Chowk, Muzaffarpur - 842 001, Bihar

Purpose of Uttar Bihar Gramin Bank Tractor Loan

To purchase tractor, Harvestor,etc with other essential Machinery (for Agriculture purpose)

Features & Benefits of Uttar Bihar 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 Uttar Bihar Gramin Bank Tractor Loan

• Any individual or Partnership firm who owns his own land and engaged in agriculture or allied activities
• Should be permanent resident of command area
• Minimum 4 acres irrigated and 8 acres unirrigated land
• Minimum 1000 hours of hiring
• Should not be defaulter of any bank or Financial Institution

Documents Required for Uttar Bihar 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 Uttar Bihar Gramin Bank Tractor Loan

Primary Security: Hypothecation of Tractor & other machinery
Collateral Security: Mortgage of Land

Loan Amount for Uttar Bihar Gramin Bank Tractor Loan

80% of invoice value

Margin

Margin 20% of Total Loan amount

Tenure for Uttar Bihar Gramin 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 Uttar Bihar Gramin Bank Tractor Loan

12.50% compounded half yearly

Processing Charges for Uttar Bihar Gramin Bank Tractor Loan

2% to 3% of the loan amount

How to Apply for Uttar Bihar Gramin Bank Tractor Loan

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

Tractor Loan Processing by Uttar Bihar Gramin Bank

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

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

Other Importent Points