SBI Tractor Loan Yojana 2022, special loan scheme to buy tractor

This In this article, we are going to know about SBI Tractor Loan Yojana. So read this article completely to know all the things related to this tractor loan scheme like application method, interest rate, eligibility and required documents etc.

SBI Tractor Loan Yojana 2022 –

India is an agricultural country, where 50% of the population is dependent on agriculture. In such a situation, to help them related to their farming, the State Bank of India has created a plan to buy a tractor. SBI Loan Scheme has started. With the help of which farmer brothers can get loans at low interest rates. The real name of this scheme is Stree Shakti Tractor Loan (SSTL).

SBI Tractor Loan Yojana

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As you all know that in today’s time all the farmers have land to cultivate, but most of the necessary modern equipments are not available for better production from that farming.

How to apply for SBI Tractor Loan Scheme?

  • First of all you have to go to nearest sbi bank branch.
  • Then the form of sbi tractor loan scheme has to be taken from sbi bank.
  • After that you have to fill that form correctly, and whatever necessary documents have to be attached in it, you will have to do that.
  • Then you have to submit the form to the same bank.

Documents required for SBI Tractor Loan Scheme –

  • Your biggest reason why you need a tractor loan scheme should be filled in the form.
  • Must have at least passport size 3 photographs.
  • You must have Passport, Aadhar Card, Voter ID Card, and PAN Card.
  • Address proof is absolutely necessary in Voter Card, Passport, and Aadhar Card.
  • The land you have for farming should have a paper.
  • To buy a tractor, there should be a price list of the dealer and the customer.
  • Also, a lawyer should also be with you who can tell you all the things related to the loan, what you have to do.

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Benefits of SBI Tractor Loan Scheme –

  • In this scheme, you are given enough time to repay the loan.
  • Along with sbi tractor loan scheme, you are also given accidental insurance cover. Which will be around 4 lakhs.
  • The interest rate of this scheme is very low, or if you say 3 times less than all loan schemes.
  • You do not need to pay any processing fee for loan approval.
  • In this loan, you will be given time to repay different types of loans.
  • The collateral security lien on TDR is accepted in the form of margin money.
  • Only 25% of the money that is going to be invested in the tractor including margin insurance and registration fee is to be paid.
  • You will be given a total of 48 months to repay the loan, which will be fixed. (in which margin will be kept with tdr)
  • And if you need more time to repay the loan, then you will be given 60 months but the amount of loan given in it will be on the same basis.

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Terms and Conditions of SBI Tractor Loan Scheme –

Some terms and conditions have been made related to the tractor loan scheme, which is very important for a farmer to know, so that he does not face any problem in future. In this, the facility of giving loan has been given in two ways, in which one if you take something by mortgage, and the other if you take a loan without any mortgage.

  • The tractor you have bought on the loan taken from the bank will have to be insured.
  • SBI tractor loan scheme will be given only to women
mortgage rules no mortgage rules
If you mortgage 30% of the loan amount in the bank, (like gold, or something), then the farmer will have to pay only 10% of the cost of buying the parts for the tractor.

If you take a loan from the bank without mortgaging anything, then the farmer will have to take 50% of the loan taken in the parts that will have to be bought for the tractor.

Will give you 48 months to repay the loan. You will be given 36 months to repay the loan.
Any loan you take while pledging will attract an interest rate of 1.5%. Loans taken without mortgage will have to pay an interest rate of 1.75%.

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