The “Primary Cooperative Agriculture and Rural Development Bank: Power Tiller” scheme, launched by the Co-operation, Food and Consumer Protection Department of Tamil Nadu, aims to support farmers in acquiring a power tiller. This initiative is designed to enhance agricultural productivity by making essential farming equipment more accessible. Under the scheme, up to 90% of the cost of a power tiller can be financed through a loan, with interest rates ranging from 11% to 12.25% per annum (subject to change).
Benefits
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Loan Coverage:
Up to 90% of the cost of a power tiller is covered by the loan. -
Interest Rate:
The applicable interest rate on the loan is between 11% to 12.25% per annum (subject to change).
Eligibility
- The beneficiary must be a resident of Tamil Nadu.
- The beneficiary must be a farmer engaged in agricultural activities.
- The beneficiary should be interested in availing a loan specifically for purchasing a power tiller.
- The loan must be used exclusively for the acquisition of a power tiller.
Application Process
Offline
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Collect the Application Form:
Contact the Secretary or Special Officer of the Primary Cooperative Agriculture and Rural Development Bank to obtain the application form. -
Fill in the Form:
Complete the form by filling in all the mandatory fields, affix a passport-sized photograph (signed across, if required), and attach self-attested copies of all necessary documents. -
Submit the Application:
Submit the duly filled and signed application form along with the required documents to the concerned authority. -
Obtain Acknowledgment:
Request a receipt or acknowledgment from the authority, ensuring that the receipt includes the date and time of submission and a unique identification number (if applicable).
Documents Required
- Identity proof (e.g., Aadhaar Card, PAN Card)
- Address proof
- Proof of farming (if required)
- Any other documents as specified by the scheme guidelines
Frequently Asked Questions
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What is the objective of this scheme?
The scheme aims to facilitate the purchase of power tillers by providing financial support, thereby boosting agricultural productivity. -
Who is eligible for this scheme?
The scheme is available to farmers who are residents of Tamil Nadu and are engaged in agricultural activities. -
What is the purpose of this loan?
The loan is specifically intended for the purchase of power tillers. -
What percentage of the power tiller’s cost is covered by the loan?
Up to 90% of the cost is financed through the loan. -
What is the interest rate on this loan?
The interest rate ranges between 11% and 12.25% per annum, subject to change. -
Is the interest rate fixed or subject to change?
The interest rate is subject to change. -
What documents are required to apply for the loan?
Applicants must provide identity proof, address proof, proof of farming (if required), and any other documents specified by the scheme. -
Is there an age limit for eligibility under this scheme?
No specific age limit is mentioned in the scheme details. -
Can applicants apply for this loan online?
The application process is conducted offline. -
What is the repayment period for the loan?
Details on the repayment period are provided in the official guidelines; please refer to the scheme documentation for specifics.