You can avail a tractor loan from Saurashtra Gramin Bank to purchase a tractor with accessories at interest rates which will depend on the loan amount. The maximum repayment period on the loan is 9 years and processing fees ranging between Rs.100 and Rs.500 will be applicable. For loan amounts above Rs.1 lakh, the processing fee will be 1.25% of the loan amount.
|Loan Amount||Processing Fee|
|Rs.25,001 to Rs.1 lakh||Rs.500|
|Over Rs.1 lakh||1.25% of the loan amount|
The margin on tractor loan from Saurashtra Gramin Bank is 25% or below limit, whichever is less and will depend on the horsepower of the tractor. The Net of Margin based on the horsepower has been given below:
|Horsepower||Maximum Permissible Loan (Net of Margin)|
|30 HP to 39 HP||Rs.3.25 lakh|
|40 HP to 45 HP||Rs.4 lakh|
|45 HP to 50 HP||Rs.4.7 lakh|
|51 HP to 55 HP||Rs.5.75 lakh|
|56 HP to 60 HP||Rs.6.9 lakh|
|61 HP to 75 HP||Rs.8 lakh|
If you wish to avail the tractor loan from Saurashtra Gramin Bank, you will need to possess at least 6 acres of irrigated agricultural land.
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