PCARDBPT

Primary Cooperative Agriculture and Rural Development Bank: For Power Tiller

Farmers in Tamil Nadu can obtain loans covering up to 90% of the cost of a power tiller, with interest rates ranging from 11% to 12.25%. This financial assistance is designed to support agricultural productivity by enabling farmers to acquire essential farming equipment.

State Cash

States / UT: Tamil Nadu

Nodal department: Co-operation, Food and Consumer Protection Department

Scheme for: Individual

Scheme profile

DBT (direct benefit transfer): No

Categories: Banking,Financial Services and Insurance

Sub-categories: Loan

Target beneficiaries: Individual

Tags: Power Tiller, Loan, Farmer, Agriculture And Rural Development Bank, Farming Equipment

Details

The "Primary Cooperative Agriculture and Rural Development Bank: Power Tiller" scheme launched by the Co-operation, Food and Consumer Protection Department, Tamil Nadu, aims to provide financial assistance to farmers for purchasing a power tiller, with up to 90% of the cost covered through a loan. This initiative aims to support agricultural productivity by making essential farming equipment more accessible. The interest rate on the loan ranges from 11% to 12.25%.

Benefits

  • - Access to Loan: Up to 90% of the cost of a power tiller. - Interest Rate: 11% to 12.25% (subject to change). <br>
  • Access to Loan: Up to 90% of the cost of a power tiller. - Interest Rate: 11% to 12.25% (subject to change).

Eligibility

  • The beneficiary should be a resident of Tamil Nadu.
  • The beneficiary should be a farmer.
  • The beneficiary should be engaged in agricultural activities.
  • The beneficiary should be interested in availing of a loan for purchasing power tiller.
  • The beneficiary should have the intention to use the loan specifically for purchasing power tiller.

Exclusions


Application Process

Offline

Step 1: The interested applicant should collect the application form by contacting the Secretary/ Special Officer of the Primary Cooperative Agriculture and Rural Development Bank.
Step 2: In the application form, fill in all the mandatory fields, paste the passport-sized photograph (signed across, if required), and attach copies of all the mandatory documents (self-attest, if required).
Step 3: Submit the duly filled and signed application form along with the documents to the concerned authority.
Step 4: Request a receipt or acknowledgment from the concerned authority to whom the application has been submitted. Ensure that the receipt contains essential details such as the date and time of submission, and a unique identification number (if applicable).

Clarifications

Additional points from the scheme information published on myScheme (not legal advice).

What is the objective of this scheme?
The scheme offers loans to farmers covering up to 90% of the cost of a power tiller, with an interest rate between 11% and 12.25%.
Who is eligible for this scheme?
Farmers engaged in agricultural activities are eligible for this loan.
What is the purpose of this loan?
The loan is intended specifically for purchasing a power tiller to assist in farming activities.
What percentage of the power tiller’s cost is covered by the loan?
The loan covers up to 90% of the cost of a power tiller.
What is the interest rate on this loan?
The interest rate on the loan ranges from 11% to 12.25%.
Is the interest rate fixed or subject to change?
The interest rate is subject to change, depending on bank policies.
What documents are required to apply for the loan?
Required documents include proof of identity, proof of address, proof of farming etc.
Is there an age limit for eligibility under this scheme?
There is no specific age limit mentioned for eligibility.
Can applicants apply for this loan online?
Currently, applications must be submitted in person at a Primary Cooperative Agriculture and Rural Development Bank branch.
What is the repayment period for the loan?
The bank will specify the repayment period upon loan approval.

References

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Documents Required for Government Schemes

Most government schemes require basic documents for verification. While the exact requirements vary, common documents include:

  • Aadhaar Card
  • Income Certificate
  • Caste Certificate (if applicable)
  • Residence Proof
  • Bank Account Details
  • Educational Certificates (for student schemes)

How to Apply for Government Schemes?

The application process for government schemes may be online or offline depending on the scheme. In most cases, you can follow these steps:

  1. Check eligibility criteria
  2. Collect required documents
  3. Fill the application form
  4. Submit the application online or at the relevant office
  5. Track application status