Primary Cooperative Agriculture and Rural Development Bank: For Tractor Purchase
At a Glance
Scheme Category
Agriculture,Rural & Environment,Banking,Financial Services and Insurance,Mechanization- solar power, farming systems,Loan
Target Beneficiaries
Individual
Brief Description
The scheme offers a specialized loan for farmers to purchase tractors, covering up to 90% of the tractor's cost.
Benefit Type
Cash
Eligibility Criteria
1. The beneficiary should be a resident of Tamil Nadu. 1. The beneficiary should be a farmer. 1. The beneficiary should be engaged in agriculture activities. 1. The beneficiary should have the intention to use the loan specifically for purchasing Tractor.
Application Mode
Offline
Application Process
Step-1: The interested applicant should collect the application form by contacting the Secretary/ Special Officer of the Primary Cooperative Agriculture and Rural Development Bank. Step-2: In the application form, fill in all the mandatory fields, paste the passport-sized photograph (signed across, if required), and attach copies of all the mandatory documents (self-attest, if required). Step-3: Submit the duly filled and signed application form along with the documents to the concerned authority. Step-4: Request a receipt or acknowledgment from the concerned authority to whom the application has been submitted. Ensure that the receipt contains essential details such as the date and time of submission, a unique identification number (if applicable).
Required Documents
- Identity proof (Aadhaar, PAN card, etc.). Address proof. Proof of Land Ownership or Lease. Tractor Purchase Invoice/Quotation Any other documents (if required).
FAQs
What is the objective of this scheme?
The scheme offers a specialized loan for farmers to purchase tractors, covering up to 90% of the tractor's cost.
Who is eligible to apply for this loan?
Farmers actively engaged in agricultural activities are eligible to apply.
What is the maximum loan amount offered?
The scheme provides a loan covering up to 90% of the tractor's cost.
What interest rate applies to this loan?
The interest rate ranges from 11% to 12.25%, subject to periodic adjustments.
Is there an age limit for applicants?
No specific age limit is mentioned for applicants under this scheme.
What documents are needed for the application process?
Applicants must submit identity proof, address proof, land ownership documents etc.
How can applicants apply for the loan?
Interested farmers can visit their nearest Primary Cooperative Agriculture and Rural Development Bank branch and speak to the Secretary or Special Officer.
Is there an application fee involved?
Applicants should check with the bank, as any applicable fees may vary by location.
Can this loan be used to purchase other farming equipment?
No, this loan is specifically intended for tractor purchases only.
Does this scheme have a validity period?
Scheme validity may depend on state policy, so applicants are advised to confirm with the bank for current information.