Farm Mechanization

ICICI Easy Tractor Loans comes with Multiple Benefits & Profits for Buyers; Know How to Avail

Tooba Maher
Tooba Maher
ICICI easy tractor loans
easy tractor loans

ICICI Easy Tractor Loans: ICICI bank is offering easy and hassle-free tractor loans for first time buyers or tractor owners having agricultural land. The interested ones can apply at their nearest ICICI Branch or call at ICICI bank 24-hour Customer Care number. Here we will inform you about the benefits, eligibility, documents required, service charges & fees, APR calculation for ICICI easy tractor loans.

ICICI Easy Tractor Loans: Benefits

• Easy loan procedure
• Quick processing
• Repayment period up to 5 years
• Flexible repayment options
• Fixed Rate of Interest throughout the tenure
• Non- mortgage loan available
• Low processing fee
• Low Interest Rate

ICICI Easy Tractor Loans: Eligibility

1. Minimum 3 acres of land in the name of borrower
2. Agriculture income is being considered for eligibility calculation
3. Commercial Income is being considered for commercial segments

Documents Required to get ICICI Easy Tractor Loans

Pre Sanction Documents

• Filled in application form
• Two latest photograph of all borrowers
• Proof for signature verification - Passport/ Driving licence/ Pan card / Bank's verification
• Identity proof
• Address proof
• Constitutional documents
• Quotation of tractor issued by dealer to customer
• Proof of land holding
• Land valuation report from empanelled valuer (wherever applicable)

• Past loan track record of the customer (wherever applicable)

Pre Disbursement Documents

• Duly executed loan documents
• Original Invoice issued by Dealer to customer
• Title Search Report from empaneled lawyer (wherever applicable)
• Margin Money Receipt (Issued by the dealer to the customer as a token of acceptance to the margin money paid )
• Mortgage Deed in case of registered mortgage (wherever applicable)
• Comprehensive Insurance Hypothecated to ICICI Bank
• Proof of acknowledgment from Sub-Registrar along with declaration from lawyer that he has created charge along with proof of charge creation (wherever applicable)

ICICI Easy Tractor Loans: Service Charges and Fees

Description of Charges 

Charges applicable 

Pre Payment 

Lower of the two options mentioned below: 
1) 4% of principal outstanding or 
2) Interest outstanding for unexpired period of loan 

Processing fees 

Up to 4 % 

Part Payment 

Nil * 

Duplicate No Due Certificate / NOC* 

Rs 500 inclusive of GST 

Revalidation of NOC charges 

Rs 500 inclusive of GST 

Duplicate Amortisation Schedule Charges* 

Can be downloaded through Net Banking, Rs 200 from branch 

Swapping charges for ECS/Cheque/SI 

Rs 500 inclusive of GST 

Stamp Duty 

At actuals + Rs 42 convenience fee inclusive of GST (if provided by Bank) 

Late Payment Penalty 

2% per month on unpaid installments 

Legal, Repossession and Incidental charges Incidental charges are those expenses that are not budgeted or specified, but are incurred by the bank on behalf of the customer. 

At actuals 

Loan Cancellation Charges 

In the event of cancellation, interest on cancellation to be paid by  customer, Rs. 1,000 along with processing fees 

Cheque bounce charges 

Rs 500 excluding GST 

Statement of account 

Rs 200 from branch inclusive of GST 

Foreclosure statement charges 

Rs 100 from branch inclusive of GST 

Loan Documentation charges 

Rs 2000 inclusive of GST 

Notes:

• GST and other Govt. taxes, levies etc. applicable as per prevailing rate may be charged over and above these charges at the discretion of ICICI Bank.
• The charges or fees given above are subject to change and the one recorded in the agreement will be binding over the above
• Effective for loans availed from August 10, 2009. For loan availed prior to the said date, the cheque return charges is Rs. 200
• Interest Reset Clause: Applicable

Interest Rate Range for Tractor Loan

Type of credit facility 

Max 

Min 

Mean 

Tractor 

23.75% 

13.0% 

15.9% 

 

Notes:

• These rates has considered based on funding of FY20
• The rate of interest is also based on the quality of assests being funded and its resale value in the market
• It excludes subsidy and government schemes
• Mean rate - Sum of the rate of all loan accounts / Number of loan accounts
Annual Percentage Rate (APR) calculation
The Annual Percentage rate calculator is provided to compute annualised credit cost, which includes interest rate and processing fee.
The APR calculator does not include charges like stamp duty, Prepayment charges etc.

* Terms and Condition apply

Source: https://www.icicibank.com/

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