Vijaya Bank Tractor Loan Interest Rate at 12.25% - 14.50% as on Apr 2024

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

INTEREST RATE	12.25% - 14.50%
LOAN AMOUNT	Cost of vehicle including implements minus margin
LOAN TENURE	Maximum 6 years
MARGIN REQUIRED	Minimum 15% of Cost of the vehicle & Implements
PROCESSING FEE	2% to 3% of loan amount
PREPAYMENT CHARGES	As per bank's policy

Vijaya Bank Details

• BANK OFFICIAL WEBSITE - www.bankofbaroda.in
• CONTACT NUMBERS - 18002584455, 18001024455, 18001027788
• EMAIL ID - [email protected]
• MISSED CALL NO. - 8468001111, 8468001122
• CUSTOMER CARE NO. - 18002584455, 18001024455, 18001027788
• TOTAL BRANCHES - 1618
• TOTAL ATMS - 1383
• HEADQUARTER - Bengaluru
• BANK ADDRESS - Baroda Bhavan 7th Floor,R.C. Dutt Road, Vadodara-390 007, (Gujarat) India.

Purpose of Vijaya Bank Tractor Loan

To purchase new tractor, tractor drawn implements and power tiller and other agriculture machines etc.

Features & Benefits of Vijaya 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 Vijaya Bank Tractor Loan

• Progressive, literate and illiterate farmers engaged in cultivation of crops as owner of land, permanent tenants or leaseholders (for reasonably long period) and who utilize the tractor/ machinery economically to the minimum extent of 50% on their own land holding.
• A minimum Land holding upto 2.5 acres of agricultural land (single or jointly owned) is required.
• Should cultivate high value commercial crops such as sugarcane, grapes, bananas & vegetables.

Documents Required for Vijaya 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 Vijaya Bank Tractor Loan

Hypothecation of tractor and implements (ii)Charge/mortgage of land or third party guarantee

Loan Amount for Vijaya Bank Tractor Loan

Cost of vehicle including implements minus margin

Margin

Margin Minimum 15% of Cost of the vehicle & Implements

Tenure for Vijaya Bank Tractor Loan

Maximum 6 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 Vijaya Bank Tractor Loan

12.25% - 14.50%

Processing Charges for Vijaya Bank Tractor Loan

1.00% of loan amount

How to Apply for Vijaya Bank Tractor Loan

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

Tractor Loan Processing by Vijaya Bank

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

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