• Saurashtra Gramin Bank Tractor Loan

    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.

    Key Features of the Saurashtra Gramin Bank Tractor Loan

    • The maximum and minimum amount of loan will depend on the purchase cost of the tractor after deducting the margin.
    • There will be no moratorium period on this loan.
    • You will not be required to provide any primary security as the tractor or any other equipment purchased with the loan will be hypothecated to the bank.
    • The loan can be repaid in a maximum of 9 years.
    • As collateral, you can provide post-dated cheques, charge creation on agriculture land, and third-party guarantee who is in possession of tangible security.

    Processing Fees on Saurashtra Gramin Bank Tractor Loan

    Loan Amount Processing Fee
    Rs.25,000 Rs.100
    Rs.25,001 to Rs.1 lakh Rs.500
    Over Rs.1 lakh 1.25% of the loan amount

    Margin on Saurashtra Gramin Bank Tractor Loan

    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

    Eligibility for Saurashtra Gramin Bank Tractor Loan

    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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