Tractor Loans: SBI MORTGAGE FREE Tatkal Tractor Loan Comes With Multiple Benefits

State Bank of India (SBI) which is the country's largest bank has now come up with Tatkal Tractor Loan after its New Tractor Loan Scheme. In this article, we will inform you about its features, benefits, eligibility, processing charges & fees, documents required and the repayment period.

SBI Tatkal Tractor Loan: State Bank of India (SBI) which is the country's largest bank has now come up with Tatkal Tractor Loan after its New Tractor Loan Scheme. In this article, we will inform you about its features, benefits, eligibility, processing charges & fees, documents required and the repayment period.

SBI Tatkal Tractor Loan: Features and Benefits

MORTGAGE FREE Tractor Loan
Turn Around Time (TAT) 48 hours only
Free accidental insurance cover of Rs. 4.00 Lakhs
Lowest interest rate
No Processing Fee
Differentiated repayment (M/Q/HY) repayment facility
Collateral Security Lien on TDR accepted as margin money
Margin Minimum 25% of the cost of tractor including insurance and registration charges.
Margin (%) - 25
Effective interest rate (% p.a.) - 11.20
Margin (%) - 35
Effective interest rate (% p.a.) - 10.95
Margin (%) - 50
Effective interest rate (% p.a.) - 10.55

* w.e.f 01.05.2016

Repayment period

48 months when the instalments are fixed on the net loan (Bank Loan – Margin kept as TDR with the bank)
60 Months when the instalments are fixed on the basis of the total loan

SBI Tatkal Tractor Loan: Eligibility

All farmers – individual/joint borrowers who are owner cultivators
Minimum 2 acres of agricultural land in the name of the borrower(s)

Processing charges & fees

Description of charges	Charges Applicable
Prepayment	NIL
Processing fee	NIL
Part-payment	NIL
Duplicate No due certificate	NIL
Late payment penalty	1% p.a. on unpaid instalments
Failed SI (per SI)	Rs. 253/-
Failed EMI (Per EMI)	Rs. 562/-