9. Scoring Model for Tractor Loans 

Eligibility

Agriculturists (individually or jointly ) and Persons offering security like NSCs, KVPs, the Bank’s Fixed Deposits, surrender value of LIC policy, gold ornaments etc. to cover more than 60% of the loan amount are eligible for the loan .The applicants should score minimum score of 40 under the Scoring model of the bank. 

Loan amount

Upto 95 % of the cost of the Tractor, trailer and accessories. (Depending on the scores in the scoring model).The cost includes the Registration charges and insurance premium not exceeding Rs 15,000/-. Additional loan equal to 10% of tractor loan for repairs may be provided for at the time of sanction. Bank will finance only for those models of tractors which have completed the commercial test from organizations viz. Central Farm Machinery Training and Testing Institute (CFMTTI) Budni (Madhya Pradesh) or Farm Machinery Training and Testing Institute (FMTTI), Hissar 

Security

1. Hypothecation of the tractor, accessories and implements. Noting of Bank’s hypothecation charge in RC Book of the tractor is compulsory in all the cases. 
2. Collateral Security like NSCs, KVPs, Banks Fixed Deposits ,Surrender value of LIC policy etc OR Mortgage of agricultural lands .However no collateral security is required, if the score is 70 and above on the scoring model of the bank.