Tractors and Heavy Agricultural Machinery Finance by Bank of Baroda.

Bank of Baroda has contributed significantly in accelerating the pace of rural development by providing finance to farmer, since agriculture being the back bone of the Indian Economy.

The mode of finance covers activities for:
1. Purchase of new tractor
2. Tractor drawn implements,
3. Power tiller and other agriculture machines etc.
4. Purchase of -4- wheeler (Jeep, Station wagon, SUV etc.) to Farmers for Own Use

Eligibility:
1. Progressive, literate and illiterate farmers engaged in cultivation of crops as owner of land, permanent tenants or leaseholders (for reasonably long period) and who utilize the tractor/ machinery economically to the minimum extent of 50% on their own land holding.

2. Should have perennially irrigated land of 4 acres (tractors to farmer with land holding below 6 acres of irrigated land is considered for tractors with horse power up to 35 HP)

3. Should cultivate high value commercial crops such as sugarcane, grapes, bananas & vegetables.

4. Should have progressive outlook in adoption of improved farm practices and modern agriculture technologies.

Nature Of Facility: Term loan

Repayment Schedule:
Repayment period is fixed on quarterly/ half yearly or annual basis, based on income generation from crops taken and off farm activities of the farmer. The maximum repayment period is 9 years for tractors and 7 year for power-tiller.

For more details please visit: http://www.bankofbaroda.co.in/rur/tractors_heavymach.asp

Source: http://www.bankofbaroda.co.in/