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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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