Cent Farm Machinery Scheme

Purpose

* To finance purchase of Tractors, Trailers and other agricultural implements and accessories.

Eligibility

* Individuals, Partnership firms, companies, FSS, PACs engaged in agriculture and / or allied activities

For Tractors-

Up to 35 HP New Tractor- 2.5 acre of perennially irrigated land or 5.00 acre of non-irrigated land

Above 35 HP New Tractor- 4.00 acre of perennially irrigated land or 8.00 acres of non-irrigated land.

Nature of facility

* Term Loan.

Margin

* Upto 1.60 lakh-NIL

* Above 1.60Lakh- 20%

Security

* Primary


* Collateral

-Hypothecation of Tractor & implements.
- Hypothecation of crops.
- Up to Rs1.60 lakh – NIL

-Above Rs1.60 lakh –Mortgage/Charge on land (Total value of collateral security should be at least 100% of the loan amount except for combine harvester for which colateral should be 150% of the loan amount).

Insurance

Assets created out of loan have to be insured for full value.  

Rate of Interest

UptoRs3,00,000/-
Above Rs3.00 lakh to Rs10.00 lacs
Above Rs10.00 lakhs uptos.100.00lacs
Above Rs100.00 Lakhs

MCLR + 1.35%
MCLR + 2.50%
MCLR + 3.00%
As per rating of borrower

Upfront Fee

*Upto Rs 3 Lakh/- : NIL

*Above Rs 3 Lakh/-: 50% of 1.25% (i.e. 0.625%)

Repayment

* Within 5 to 9 years(including moratorium period of Max 12 months)