India is an agricultural country. Its stand second in agricultural business in the world. Every state in India is very well developed in terms of agricultural business. So is the state of Kolkata. In spite of a thickly populated state both civilization and agricultural lands are found in Kolkata. Agricultural sector is at its boom in Kolkata. Farmers and individuals involved in this business are just trying to expand it day by day. So many banks and non banking financial institutions in Kolkata are extending a helping hand from their end. They are offering different kinds of agricultural loans to the farmers which help them in their business expansion and growth. One such loan is farm equipments loan. With Farm equipments loans in Kolkata one can borrow funds from various banks and NBFC’s to buy new or used tractors and equipments , farm trucks, grain bins, farm and home improvements, vehicles, livestock,etc. Update your machinery and farm equipments with affordable and easy financing from letzbank.
Farm Equipment Loans in Kolkata
Eligibility factors for Farm Equipment loans in Kolkata
- Profile of the customer is checked. He should be a resident of India. He should be in the business of agriculture from past 2 years.
- Age of the individual applying for the loan should be at least 21 years. Maximum age at the time of loan maturity should be 75 years.
- Banks checks the ownership of the land before deciding the eligibility of the loan. Minimum 2 acres of land should be in the name of borrower. Most banks ask for 3 acres or more ownership of land. This factor depends on the norms of various banks and NBFCs.
- Applicant should be in agricultural business for at least 3 years. If he belongs to family who is in farming business past decades then it adds to the eligibility of the applicant.
- Guarantor is always clubbed while sanctioning a farm equipment loan. Guarantor’s repayment capacity is thoroughly checked. He can be a salaried or a self employed individual. In case applicant is not able to repay his loan, then it is seen that guarantor does the same on behalf of the applicant. Thus its one of the most important factor while deciding the eligibility for the loan.
Documents required for farm equipments loan in Kolkata
- Proof of identity- passport, aadhar card, pan card, election card, driving license.
- Signature proof- driving license, passport, pan card
- Address proof- electric bill, utility bills, ration card, passport aadhar card
- Age proof- PAN, Aadhar card, driving license, passport
- Proof of land ownership – land ownership documents