Know All About 'SBI Combine Harvester Loan Scheme' in 10 Points

To support Indian farmers and enhance agricultural productivity, the State Bank of India (SBI) has introduced the Combine Harvester Loan Scheme. Designed specifically for the purchase of combine harvesters and their accessories, this scheme aims to provide financial assistance to farmers across the country. Here are the top 10 points you need to know about the SBI Combine Harvester Loan Scheme:

Top 10 Points on SBI Combine Harvester Loan Scheme

1. Purpose of the Loan:

The loan is intended for the procurement of a combine harvester and its associated accessories, facilitating mechanized harvesting operations on agricultural lands.

2. Interest Rate:

The interest rate for the SBI Combine Harvester Loan Scheme is fixed at 12% per annum, ensuring affordable financing options for eligible farmers.

3. Margin Requirement:

Borrowers are required to provide a margin of 15% to 25% of the total cost of the combine harvester and its accessories. This ensures the financial commitment of the farmer towards the purchase.

4. Repayment Tenure:

The repayment tenure for the loan spans over 9 years, including a grace period. This extended repayment period provides flexibility to farmers in managing their finances.

5. Collateral Requirement:

As collateral, the bank may ask for a mortgage of land owned by the applicant. This serves as security for the loan and mitigates the risk for the lender.

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6. Eligibility Criteria:

All farmers capable of operating combine harvesters are eligible to apply for the loan.

Applicants must possess a minimum of 8 acres of irrigated land in their name, ensuring their ability to utilize the combine harvester effectively.

7. Required Documents:

Duly filled application form.

Valid identification proof such as PAN Card, Voter ID, Aadhaar Card, Driving License, or Passport.

Address proof, which may include Voter ID, Aadhaar Card, Driving License, or Passport.

Documented proof of ownership or lease of agricultural land.

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8. Loan Amount:

The loan amount sanctioned under this scheme depends on various factors such as the cost of the combine harvester, accessories, and the borrower's repayment capacity.

9. Mechanized Farming Promotion:

By providing financial support for the purchase of combine harvesters, the SBI aims to promote mechanized farming practices, thereby increasing agricultural efficiency and productivity.

10. Application Process:

Interested farmers can visit their nearest SBI branch to inquire about the Combine Harvester Loan Scheme. They can then submit the required documents and undergo the necessary verification processes to avail the loan.

For More Information Visit this Link: https://sbi.co.in/web/agri-rural/agriculture-banking/farm-mechanization-loan/combine-harvester-loan

In conclusion, the SBI Combine Harvester Loan Scheme offers a viable financial solution for farmers looking to invest in mechanized harvesting equipment. With attractive interest rates, flexible repayment options, and minimal documentation requirements, this scheme seeks to empower farmers and contribute to the modernization of Indian agriculture.

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