2. Sanjeevani
Purpose: To assist the farmers, who are regular in their repayments for repairs / maintenance of tractor and for purchase of additional implements.
Eligibility:
Borrowers who have already availed the tractor / power tiller / combined harvester loan facility from our Bank before three years or more and whose accounts are closed / or regular/standard (IRAC) and who have paid a minimum of 2 yearly installments or 4 half yearly installments after moratorium period are considered eligible for the loan. The borrower should not have availed the benefit of a compromise scheme earlier.
Facility: Agricultural Term Loan.
Quantum of Loan:
Repairs: Up to a Maximum of Rs. 50,000/-
Addition of new implements: Up to a Maximum of Rs. 1, 00,000/-
Margin:
Up to Rs.50, 000 - NIL
Above Rs.50, 000 - 15-25% of invoice price
Security:
A. For borrowers who had already repaid / closed the Tractor loans:
a. Upto Rs. 50,000/-
Primary: - Hypothecation of tractor (value to be assessed based on the age and condition of the vehicle) and new implements. (Noting of Banks Charge with Road Transport Authority on tractor is a must)
Collateral : - NIL
b. Above Rs. 50,000/-
Primary: - Hypothecation of tractor (value to be assessed based on the age and condition of the vehicle) and new implements. (Noting of Banks Charge with Road Transport Authority on tractor)
Collateral : - Mortgage / Charge over the Land
B. For borrowers having existing Tractor Loan A/cs:
a. Upto Rs. 50,000/-
Primary: - Hypothecation of existing tractor / new implements
Collateral : - Extension of Mortgage / Charge over the Land
Repayment:Maximum 5 years or up to the last installment of the existing tractor whichever is earlier in half yearly installments
Insurance: Tractor to be insured till the advance is repaid in full.
Interest Rate: As per the card rate applicable on aggregate limits for the facility and periodicity.
(Interest rate Effective from 29.06.2009)
Up to Rs. 50,000. - 10.50 % p.a.
Above Rs.50, 000/- and up to Rs. 2 lacs - 11.50 % p.a)
