Bank of India (BOI) Provides Finance for Farm Machinery
Bank of India (BOI) helps farmers by providing finance for purchase of agricultural equipment.
1. Purchase of new or second hand tractor, power tiller, power thresher, harvester, power sprayer, power duster, chaft cutter, and other equipment useful for agricultural activities.
2. Pick-up van, two wheeler, bullock-cart to be used for transportation of agri. inputs & farm produce/ product.
3. Loan is also available for repairs or renovation of vehicles.
1. Individual Farmers having 8 acres of perennially irrigated land for tractor and 5 acres of perennially irrigated land for power tiller. Depending upon the scope of custom hiring & cropping pattern, land holding criteria may be considered at 5 acres and 3 acres for tractors and power tillers respectively.
2. Agro Service Centres run by technically qualified entrepreneurs for acquiring farm machinery.
Quantum of finance: As per cost of the vehicle / equipment
Loan up to Rs.1.00 lakh – Hypothecation of machinery & Bank charge to be registered with RTA.
Loan above Rs.1.00 lakh –
1. Hypothecation of machinery & Bank charge to be registered with RTA.
2. Mortgage of Land or Declaration as per Agril. Credit Act or collateral security of adequate worth.
1. New Vehicle -
Loan up to Rs.1.00 lakh – Nil
Loan above Rs.1.00 lakh – 15% to 25%
2. Second hand Tractor – minimum 33.33%
3. Repairs/ Renovation - minimum 25%
Rate of interest: Interest Rates as decided by the Bank from time to time.