Objective  

•    To enhance the farm mechanization in agriculture.
•    To encourage SF/MF for using power tillers in agri.
•    To meet the cost of Purchase of power tillers along with accessories.
•    Loan should be made available for purchase of new Power Tiller onlv.

Eligible Candidates

•    Farmers should have 1 acre of perennially irrigated land.
•    Farmers or a group of farmers (not > 3 farmers).
•    Farmers owning lesser acreage of land are also eligible.

Other Key points

•    Project cost can be minimum: Rs. 0.05 Lakh & maximum: Rs. 5.00 Lakh
•    Loan amount can be 80% of total cost of the power Tiller (including insurance) along with accessories
•    Repayment of loan in 5 Years within 10 Half-yearly Instalments including gestation / moratorium period of 6 months.

Collateral:

•     Up-to Rs. 1.60 Lakh: Nil
•    Above Rs. 1.60 Lakh: 100-150% of the loan amt OR
•    Third-Party Guarantee may be accepted.

Processing fee:

•    Upto Rs. 2.00 Lakh: Nil
•    Above Rs. 2.00 Lakh: 1.40% + 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 /
•    Local Panchayat / Municipality etc.
•    Proof of land holding
•    Estimation of Power Tiller & Accessories.

Note – To get benefits of this scheme farmer need to reach nearest SBI branch with above mentioned documents.