ICICI bank offers easy and hassle free tractor loans for first time buyers/tractor owners having agricultural land.
FEATURES & BENEFITS OF TRACTOR FINANCE
- Easy loan procedure
- Quick processing
- Repayment period up to 5 years
- Flexible repayment options
- Fixed Rate of Interest throughout the tenure
- Non- mortgage loan available
- Low processing fee
- low Interest Rate
ELIGIBILITY FOR TRACTOR FINANCE
- Minimum 3 acres of land in the name of borrower.
- Agriculture income is being considered for eligibility calculation.
- Commercial Income is being considered for commercial segments.
DOCUMENTS REQUIRED FOR TRACTOR FINANCE
Pre Sanction Documents:
- Filled in application form
- Two latest photograph of all borrowers
- Proof for signature verification - Passport/ Driving licence/ Pan card / Bank's verification
- Identity proof
- Address proof
- Constitutional documents
- Quotation of tractor issued by dealer to customer
- Proof of land holding
- Land valuation report from empanelled valuer (wherever applicable)
- Past loan track record of the customer (wherever applicable)
Pre Disbursement Documents:
- Duly executed loan documents
- Original Invoice issued by Dealer to customer
- Title Search Report from empaneled lawyer (wherever applicable)
- Margin Money Receipt (Issued by the dealer to the customer as a token of acceptance to the margin money paid )
- Mortgage Deed in case of registered mortgage (wherever applicable)
- Comprehensive Insurance Hypothecated to ICICI Bank
- Proof of acknowledgment from Sub-Registrar along with declaration from lawyer that he has created charge along with proof of charge creation (wherever applicable)
INTERSET RATE & CHARGES FOR TRACTOR FINANCE
- Interest Rate Range for Tractor Loan
- Max 21.25%
- Min 13.0%
- Mean 15.9%
- These rates has considered based on funding till FY20 YTD Sept’19(Quarter II – FY2019-20)
- The rate of interest is also based on the quality of assests being funded and its resale value in the market
- It excludes subsidy and government schemes
- Mean rate - Sum of the rate of all loan accounts / Number of loan accounts
- Annual Percentage Rate (APR) calculation
- The Annual Percentage rate calculator is provided to compute annualised credit cost, which includes interest rate and processing fee.
- The APR calculator does not include charges like stamp duty, Prepayment charges etc.
Lower of the two options mentioned below:
- 1) 4% of principal outstanding or
- 2) Interest outstanding for unexpired period of loan
- Duplicate No Due Certificate / NOC*
- Revalidation of NOC charges
- Duplicate Amortisation Schedule Charges*
- Can be downloaded through Net Banking, Rs 200 from branch
- Swapping charges for ECS/Cheque/SI
- 2% per month on unpaid instalments.
- Legal, Repossession and Incidental charges Incidental charges are those expenses that are not budgeted or specified, but are incurred by the bank on behalf of the customer.
- Loan Cancellation Charges
- In the event of cancellation, interest on cancellation to be paid by customer, Rs. 1,000 along with processing fees
- Rs 200 from branch inclusive of GST
- Foreclosure statement charges
- Rs 100 from branch inclusive of GST
- GST and other Govt. taxes, levies etc. applicable as per prevailing rate may be charged over and above these charges at the discretion of ICICI Bank.
- The charges or fees given above are subject to change and the one recorded in the agreement will be binding over the above
- Effective for loans availed from August 10, 2009. For loan availed prior to the said date, the cheque return charges is Rs. 200
- Interest Reset Clause: Applicable
* Terms and Condition apply