Kotak Mahindra Bank Farm Equipment Loan: Know How To Apply?
Farm Equipment Loan is meticulously crafted to empower the farmers, and actively contribute to fostering the growth of the agricultural community in India.
Are you a farmer looking to invest in new or used tractors, harvesters, or implements for agricultural or commercial purposes? Kotak Mahindra Bank is here to support your aspirations with their specialized Farm Equipment Loan. As the preferred financier for key manufacturers, they offer a range of features and benefits tailored to meet the diverse needs of our farming community.
Continue Reading:-
Key Features:
* Versatile Financing:
Loans are available for the purchase of new or used tractors, rotavators, trailers, loaders, combined harvesters, sprayers, dusters, threshers, winnowers, seed-cum-fertilizer drills, and more.
* Captive Usage Loans:
Exclusive financing options for existing customers planning to use the equipment for their own agricultural needs.
* Nation-wide Presence:
Our extensive network ensures accessibility and personalized service at all our branches across the country.
* Life Insurance Shield - Kotak Kisan Suraksha:
Avail a life insurance shield to safeguard your investment and provide financial security.
* Excellent After-Sale Service:
We prioritize post-purchase service to ensure your equipment continues to perform optimally.
* Attractive Interest Rates:
Benefit from competitive and attractive rates of interest on your Farm Equipment Loan.
* High Loan Amounts:
Get a loan amount of up to 90% of the tractor's value, ensuring you have the necessary funds for your agricultural investment.
* Personalized Service:
Our dedicated team ensures personalized service to cater to your unique needs at all our branches.
Also Read: SBI Kisan Samriddhi Rin: Get Up to Rs 50 Crore Agri Loan For an Easy Farming Operation
Eligibility Criteria:
* Minimum 3 acres of land in the name of the borrower
* Residential stability of 2 years
* 2 years of business experience if applicable
Documentation Required:
1. Pre Sanction Document:
* Identity proof: Voter ID card, PAN card, Passport, Aadhaar card, Driving License, etc.
* Address proof: Voter ID card, Passport, Aadhaar card, Driving license, etc.
* Agricultural Land Proof (if available)
* Proof of Signature verification
2. Pre Disbursement Document:
* Fully executed loan documents
* Original Invoice of the tractor purchased from the dealer
* Margin Money Receipt received from the dealer
* Insurance pledged to Kotak Mahindra Bank
Also Read: Bank of India 'Krishi Vaahan Scheme', Loan available up to 90% : Know How to Apply
Fees & Charges:
* Interest Rate: Min: Prevailing MCLR or Reference Rate, Max: 30%
* Loan Processing Charges: Up to 3% of the loan amount
* Documentation Charges: Up to Rs. 5000
* Stamping Charges: At Actuals
* Credit Administration Charges: Up to Rs. 6000/-
Various other charges applicable (Please refer to the detailed list for comprehensive information on this link: https://www.kotak.com/en/business/loans/farm-equipment/fees-and-charges.html )
At Kotak Mahindra Bank, they understand the importance of robust financial support for the agriculture sector. This Farm Equipment Loan is designed to empower farmers and contribute to the growth of the agricultural community in India.
