The “Primary Cooperative Agriculture and Rural Development Bank: For Tractor Purchase” scheme, launched by the Co-operation, Food and Consumer Protection Department, Tamil Nadu, is designed to provide financial assistance to farmers. This scheme covers up to 90% of the cost of a tractor, helping farmers acquire essential agricultural equipment. The interest rate for the loan ranges between 11% and 12.25%, subject to market conditions.
Key Benefits
- Loan Coverage: Up to 90% of the tractor’s cost.
- Interest Rate: Between 11% and 12.25% (subject to change).
Eligibility Criteria
Applicants must:
- Be a resident of Tamil Nadu.
- Be a farmer actively engaged in agricultural activities.
- Intend to use the loan specifically for the purchase of a tractor.
Application Process (Offline)
- Collect the Application Form:
Contact the Secretary or Special Officer of the Primary Cooperative Agriculture and Rural Development Bank to obtain the application form. - Complete the Form:
Fill in all mandatory fields, attach a passport-sized photograph (signed across, if required), and include copies of all necessary documents (self-attested if needed). - Submit the Application:
Submit the completed and signed application form along with the required documents to the designated authority. - Obtain a Receipt:
Request a receipt or acknowledgment that includes the date, time of submission, and a unique identification number (if applicable).
Documents Required
- Identity proof (e.g., Aadhaar, PAN card, etc.)
- Address proof.
- Proof of Land Ownership or Lease.
- Tractor Purchase Invoice/Quotation.
- Any other documents as required by the authority.
Frequently Asked Questions
- What is the objective of this scheme?
To assist farmers in purchasing tractors by providing financial support that covers up to 90% of the tractor’s cost. - Who is eligible to apply for this loan?
The scheme is open to farmers residing in Tamil Nadu who are actively engaged in agriculture and intend to purchase a tractor. - What is the maximum loan amount offered?
The loan covers up to 90% of the tractor’s purchase cost. - What interest rate applies to this loan?
The interest rate ranges from 11% to 12.25%, subject to market conditions. - Is there an age limit for applicants?
The scheme does not specify an age limit. - What documents are needed for the application process?
Applicants must provide identity proof, address proof, proof of land ownership or lease, and a tractor purchase invoice or quotation, among any other required documents. - How can applicants apply for the loan?
Applications must be submitted offline by collecting the application form from the designated bank official, filling it out, and submitting it with the necessary documents. - Is there an application fee involved?
There is no mention of an application fee. - Can this loan be used to purchase other farming equipment?
No, the scheme is specifically designed for purchasing tractors. - Does this scheme have a validity period?
The validity period is not specified; applicants should refer to the official guidelines for further details.