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Deposit products offered by APGVB:

Rythu Vikas Chakra - Farm Mechanisation-Tractor loans for farmers:

Purpose

Purchase of Tractor, Trailer, Implements and other Accessories.

Type of loan

Agricultural term loan

Eligibility

Individual farmers /Group farmers

a) For Tractors below 35 H.P., Minimum 6 Acres of perennially irrigated land or 12 Acres of cultivable dry land
b) Above 35 H.P. minimum 8 acres of perennially irrigated land or 15 acres of cultivable dry land. 
c) Minimum 1000 hours of productive work in agriculture per year on own farm. 
d) Applicants proposing to use the tractor for custom hiring should not be more than 45 years of age and possess a valid driving license.

Loan amount

85% of unit cost.

Disbursements

Direct to the supplier.

Margins

15 %of the total unit cost.

ROI

See interest rates on loans and advances

Processing fee

See service charges

Penal Interest

See service charges

Repayment

9 yearly/18 half yearly installments commencing from six months after the date of first disbursement coinciding with the fluidity of crops. 
In case of custom hiring:- 60 monthly installments including grace period of 6 months.

Security

Hypothecation of Tractor and Trailer and other assets created out of bank finance. Creation of registered / equitable mortgage of agricultural land in the name and possession of the applicant.

Papers / Documents required

a) Hypothecation Agreement.
b) Guarantee Agreement for Transport Operators.
c) Vehicle Charge to the Bank 
d) Memorandum for creation of Mortgage by Deposit of Title Deeds.

e) Undated Form 29 & 30 in duplicate.

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