Objective
• To enhance the farm mechanization in agriculture.
• To encourage the use of combine harvester to ensure minimum grain loss.
Eligibility
• Minimum acreage: 3 acres irrigated for individual
• 5 acres irrigated for joint borrowers (Dry land 15 acres).
• Branches should finance only approved models.
Other Key points
• Project cost can be minimum: Rs. 5.00 lacs & maximum: Rs. 35.00 lacs
• Half Yearly Repayment. 6 Years in 12 Half Yearly Installments including gestation / moratorium period
• Loan available only on the approved models by CFMTTI(Budni-MP) & FMTTI (Hissar)
Collateral:
• No Collateral up to Rs. 10.00 lakhs.
• Above Rs. 10.00 lakh: Equitable / Registered mortgage of land or Liquid Securities.
• Third party Guarantee may be accepted in place of collateral if credit scoring is 71 or above.
Processing fee:
• 0.50% of the loan amount + GST
Documents required
• Recent photographs of the applicant (2 copies)
• KYC: Aadhaar Card, DL, Voter ID Card & Job Card)
• Proof of Residence: Telephone / Electricity Bill, Voter ID
• Card, Aadhaar, Certificate issued by Local Govt. Authority.
• Proof of land holding
• Estimation of Combine Harvester & Accessories.
Note – To get benefits of this scheme farmer need to reach nearest SBI branch with above mentioned documents.