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Comprehensive One Time Settlement Package in lieu of Employees Pension Scheme of the Bank implemented in compliance of orders dated 29.11.2013 passed by  Hon’ble Punjab & Haryana High Court. .......Read More


The Bank provides Long Term Loans at Simple Rate of Interest for Agriculturists and Non Agriculturists for a number of purposes.


FARM MECHANISATION

            Under this scheme, the loan is provided for the purchase of Tractors, Agriculture Implements, Combine Harvesters and purchase of Threshers.

TRACTORS:

TRACTORLoan is given for Tractor as well as Agricultural implements. It is given on the dealer price.If alongwith the tractor, Agricultural Implements are also to be purchased, then a combined loan is given for both of them. The repayment period for the first time purchase of Tractors will be 9 years including interest amount paid in equal half-yearly installments. Margin money for the purchase of Tractor is 15% of the dealer price.

Purchase of New Tractors
            The Bank has been disbursing loans for the purchase of tractors for a long period of time.The conditions for taking up loans are common - interest and security etc. In addition to that there are a few more conditions for taking up loans for the purchase of tractor:

  • The farmer should have atleast the following prescribed limit of land:-
Serial No.
Name Of District
Prescribed Limit of Land
a) Jalandhar,Nawanshahr,Kapurthala,Ludhiana,Fatehgarh Sahib,Moga,Patiala 4 acres (chahi)
b) Ferozepur,Faridkot,Muktsar,Bathinda,Mansa,Sangrur,and Amritsar & Barnala 6 acres (chahi)
c) Ropar,Hoshiarpur,Gurdaspur 5 acres (chahi)

 

  • If the farmer has less than the prescribred amount of land, then two or more farmers can jointly purchase the tractor or its implements.
  • For the purchase of new tractor for the first time ,15% is the Margin Money.
  • The amount of loan is given to either to the manufacturer of the tractor or to the dealer as authorized by the borrower.
  • The tractor should be registered from the regional transport authority, and the hypothecation record also should be in possession of the registered authority.
  • The tractor should be fully hypothecated and insured in favour of the bank.
  • Loan has to be repaid (for new tractor) within 9 years, and loan taken for the purchase of old tractor is to be paid back with in 7 years in equated half yearly instalments.
  • If the borrower wants to get loan again it is must for him that he should have paid back the loan and there should be a difference of three years in between both loans.

Repair of Tractor
            Under this scheme a loan for Rs. 1,00,000/- can be granted that includes the repair and spare parts also. The conditions for taking up this loan are as under:

  • The tractor should be minimum 7 years old, but no loan for repairs will be granted if the tractor is more than 12 years old.
  • The loan is granted only when the Tractor has been insured (all risk covered).
  • This loan can be acquired only on the recommendation of authorized dealer/ manufacturer/ service station.
  • The borrower will have to pay atleast 30% as down payment of the total cost incurred on repairs.
  • Tractor has to be insured and hypothecated in favour of the Bank completely.
  • The repayment period is 5 years payable half yearly in equated installments.

Conditions for the purchase of Old Tractor

  • The tractor should not be more than 7 years old and 2- 3 lakh loan can be granted.
  • The borrower should have at least 4-6 acres of irrigation land or equivalent to that as per the requirement for loan for purchase of a new tractor .
  • For the purchase of old tractor inclusive of three tools (with trolley), the Bank can grant an amount as decided by surveyor or cost of Tractor (10 % depreciation included) whichever is less.
  • Repayment of loan is in 7 years half yearly equated installment.

 

For purchase of Agricultural Implements.:

THRESHER

 

 

 

 

 

 

          

Investment

Specification

Unit Cost (Rs.)

Repayment Period

Thresher

Tractor drawn

1,50,000/-

5 YEARS

Seed Drill (Tractor drawn including rotavater)        

6 ft

7 ft

8 ft

2,20,000/-

2,30,000/-

2,40,000/-

7 YEARS

7 YEARS

7 YEARS

Straw Reaper   1,50,000/- 7 YEARS
Rotavater (Tractor drawn)            

4 ft

5 ft

6 ft

7 ft

8 ft

80,000/-

83,700/-

87,600/-

91,500/-

96,000/-

 

7 YEARS

7 YEARS

7 YEARS

7 YEARS

7 YEARS

 Strip - Till - Drill Paddy Transplanter    

6 Row plant

Driven by petrol            

75,000/-

9,60,000/-    

7 YEARS

7 YEARS

Power Feeder

Power Tiller

Laser Leveller

                    

66,000/-

1,25,000/-

3,50,000/-

7 YEARS

7 YEARS

7 YEARS

 

Some more conditions for taking loans are:
1. Loan for the purchase of Strip Till/ thresher is granted only to those farmers who can manage a Tractor on their own.
2. Threshers should be of ISI mark and should be approved from Agricultural Department or Industry Department.
3. This oan has to be repayed with interest in equated half yearly installments


HARVESTING COMBINE:

    The Bank provides for purchasing new harvester combine.The cost would be according to the bill provided by the authorised dealer. Repayment of loan is in 5 years half yearly equated installments. The combine should be from an authorised company only. The payment shall be made to an authorised dealer only. Hypothecation should be done in favour of the Bank.

 

TRACTOR TROLLEYS:
            The loans for the purchase of tractor trolleys are granted as under:

  • Two wheeler trolley - 2,00,000/- Rs.
  • Four wheeler trolley - 3,00,000/- Rs.

For Repayment Schedule of the above schemes click here ........