SBI Scheme for Financing Farm Machinery
Scheme for financing Farm Machinery where tangible assets are created (other than tractor, combine harvester and power tillers.
Purpose of farm machinery financing scheme: Bank is extending financial assistance for purchase of farm machinery like implements, threshers, sprayers (both mechanical and motorized) bullock and cart etc.
Eligibility: All categories of farmers cultivating lands are eligible for the loan.
For loans upto Rs1,00,000/-: 100% of the cost
For loan above Rs 1,00,000/-: 75 to 85% of the cost of the asset to be purchased
For loans upto Rs.100,000/-: Hypothecation of assets created out of Banks finance.
For loans above Rs.100,000/- Hypothecation of assets created out of Banks finance. and Mortgage/ charge over the land or any security acceptable to the Bank.
Documents you need to provide:
Land records, quotation for the assets to be purchased
How do you repay:
Repayment will be half yearly/ yearly instalments depending on the harvest of the crops with a maximum of 7 years
How to apply for this loan:
You may contact our nearest branch or talk to the marketing officers visiting your village.
For more details about scheme visit: https://www.sbi.co.in/portal/web/agriculture-banking/scheme-for-financing-farm-machinery