Kisan Dost Tractor Finance Scheme
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Purpose:
Provision of financial facility to the farmers and non farmers (those who provide tractors to farmers on rental basis for various tractor related operations), for purchase of Tractor on Lease Finance Basis.
Eligibility:
Resident Self Cultivator having Agriculture Land minimum 5 acres and maximum 50
acres.
OR
The persons who are related with the business of providing services for tractor
related farming practices to the farmers on rental Basis.
Amount:
Maximum Rs. 750,000/-.
Equity:
10% to 20% of the cost of Tractor will be paid by the borrower on case to case basis.
Security:
1. Lease Tractor (to be registered in the name of Bank)
2. Charge on Agriculture Land through Agri. Pass Book.
3. One personal guarantee of reputable person. Two written satisfactory
market checking reports.
Margin on Collateral Security:
50% Margin on Agri land assessed by PBA’s Approved Surveyor.
25% Agri land as per value in revenue record.
The maximum amount of Finance will be allowed upto 75% of the Oast Bai Value of land (Oast Bai is verified by Revenue Officer)
Insurance:
The Lessee will arrange comprehensive insurance of tractor.
Life assurance of lessee under the Bank’s charge.
Mark-up:
18% Per Annum
Repayment:
10 equal half yearly installments (within five years).