SBI Agriculture Loan for Tractor Up-gradation (Sanjeevani) provides Finance For Repairs, Maintenance And Addition Of New Implements Etc. (to Tractors) to assist the farmers, who are regular in their repayments for repairs / maintenance of tractor and for purchase of additional implements.
Eligibility for Agriculture Loan For Tractor Up-gradation (Sanjeevani)
Customers who have already availed the loan facility from SBI before three years or more and whose accounts are closed / or regular / standard (IRAC) and who have paid a minimum of 2 yearly instalments or 4 half yearly instalments after moratorium period are considered eligible for the loan. The borrower should not have availed the benefit of a compromise scheme earlier.
Classification of Agriculture Loan For Tractor Upgradation (Sanjeevani)
Agriculture Loan For Tractor Upgradation (Sanjeevani) has been classified into Direct Finance to Agriculture under Priority Sector.
Limit of Agriculture Loan For Tractor Upgradation (Sanjeevani)
- Repairs: Maximum of Rs. 50,000/-.
- Addition of new implements: Up to a Maximum of Rs. 1, 00,000/- The loan limit should be to the extent by which the existing loan has been reduced.
- Margin: Up to Rs.50,000 – NIL. Above Rs.50,000 - 15-25% of invoice price.
Security for Agriculture Loan For Tractor Upgradation (Sanjeevani)
- Upto Rs. 50,000/- Primary - Hypothecation of tractor. Collateral – NIL.
- Above Rs. 50,000/-Primary - Hypothecation of tractor. Collateral –Mortgage / Charge over the Land. DSCR – 1.75%.
Repayment of Agriculture Loan For Tractor Upgradation (Sanjeevani)
Should be fixed by branches keeping in view the residual life of the tractor. However the loan is repayable in a maximum period of 5 years or up to the last instalment of the existing tractor loan, whichever are earlier, (tractors older than 9 years should not be considered). No gestation period should be allowed.