Punjab Gramin Bank Farm Mechanisation Loan Loan

Purpose of Farm Mechanisation Loan Loan

To extend loan for Farm Mechanization (for purchase of Tractor, Harvester, Power Tiller, etc.)

Eligibility for Farm Mechanisation Loan Loan

Following eligibility criterion is required for availing Farm Mechanisation Loan Loan from Punjab Gramin Bank:

  • Age of the applicant should be between 18 and 70 years.
  • Applicant should own an agricultural land

Documents Required for Farm Mechanisation Loan Loan

  1. Duly filled in application form
  2. 1 latest passport size photographs
  3. Identity proof (any one): Voter ID card, PAN card, Passport, Aadhaar card, Driving Licence, etc
  4. Address proof (any one): Voter ID card, Passport, Aadhaar card, Driving Licence etc
  5. Proof of agricultural land, cultivation
  6. Quotation of tractors, drawn implements, etc. which is to be purchased

Features and Benefits of Farm Mechanisation Loan Loan

Quick Processing

After you submit the loan application along with required documents, Punjab Gramin Bank will verify your application. If all the things are found correct, your loan application will be approved by the bank and you will be informed about the same. The loan amount will be released soon after the approval.

Minimal Documentation

For applying for agriculture loan, applicants are required to submit very limited documentation such as an identity proof, address proof, photograph, land ownership proof, etc. These documents are very easily available with the applicants. They need to enclosed the same with the loan application form.

Attractive Interest Rate

Punjab Gramin Bank offers Farm Mechanisation Loan Loan at very attractive and competitive interest rate starting from 8.80% p.a. Being the interest rate on lower side, the overall cost of your loan will also be lower.

Interest Rate for Farm Mechanisation Loan Loan

7.00% to 13.50%
Disclaimer: Agriculture Loan interest rates keep on changing. You are advised to check the interest rates with banks before making any decision.      Source: Bank Websites

Processing Fees of Farm Mechanisation Loan Loan

Upto 2% of loan amount

Other Fees & Charges for Farm Mechanisation Loan Loan

  • Outstation Cheque Charges: N.A.
  • Late Payment Penalty: 2% per month on overdue amount
  • Charges on Part Disbursement: Nil
  • EMI Cycle Change Charges: Rs 500
  • Cheque Swapping Charges: Rs 500
  • Legal, valuation and vetting charges: At actuals
  • Stamp Duty and other statutory charges: At actuals as per applicable laws of the State

Repayment Tenure of Farm Mechanisation Loan Loan

The repayment tenure differs from lender to lender. In case of cash credit, it is usually less than 1 year and for long term loans, it varies from 3 to 9 years. There are various flexible loan repayment options available to repay the loan such as monthly, half yearly and yearly instalments, you can select any of them based on your income and repayment capacity.

Why Select Punjab Gramin Bank Farm Mechanisation Loan Loan?

  • Dedicated customer support & service
  • Wide network of branches across India
  • Multiple loan repayment options
  • Attractive & competitive interest rates
  • Project assessment capability is available

How to Apply for Punjab Gramin Bank Farm Mechanisation Loan Loan?

There are following steps through which you can apply for Farm Mechanisation Loan Loan and avail it easily:

(1) Visiting nearest branch of Punjab Gramin Bank

You can search for and visit your nearest branch of Punjab Gramin Bank .

(2) Meet the Authorised Official

Meet the official authorised for handling agriculture loan related matters in order to get the advice on your eligibility, documents required, interest rate and can take their help in the loan application process.

(3) Obtain Loan Application Form

Obtain the loan application form from the branch.

(4) Fill up Loan Application Form

Fill up the form properly. Mention the details required in the form. Fill up the form in "Capital Letters". In case of any query in filling up the form, discuss with the official.

(5) Attach Required Documents

Attach a copy of the required documents such as Valid Identity Proof, Valid Address Proof, Land ownership/cultivation proof, etc. with the loan application form.

(6) Submit Loan Application Form along with Required Documents

Submit the loan application form along with required documents to the branch and ask for its acknowledgement.

(7) Processing of Loan Application

After you submit the loan application along with required documents, Punjab Gramin Bank will verify your application.

(8) Approval of Loan

If all the things are found correct, your loan application will be approved by Punjab Gramin Bank and you will be informed about the same.

(9) Disbursement of Loan

The loan amount will be credited to your bank account soon after the approval.