Punjab Gramin Bank came into existence on 12.09.2005 after the amalgamation of three erstwhile Regional Rural Banks of Punjab State namely, Kapurthala Firozpur Kshetriya Gramin Bank, Shivalik Kshetriya Gramin Bank & Gurdaspur Amritsar Kshetriya Gramin Vikas Bank. It offers home loan, personal loan, vehicle loan, business loan, agricultural loan, education loan etc.
Purpose – To provide loan for purchase of second hand tractor to eligible farmers
Eligibility – Farmer or a group of farmers holding land jointly should have a land holding either owned by them or held by them on perpetual leasehold rights of minimum 4 acres of perennially irrigated land or corresponding acreage. Thus, financing of tractor shall be done after ensuring economic viability of the tractor loan proposal.
Extent of Loan – Amount of loan will be 75% of depreciated value of tractor. Down payment of 25% at depreciated value of tractor to be financed is to be met by borrower from his own sources. Loan for second hand tractor and three implements including a trailer shall be restricted to Rs.1, 50,000/- (Rupees one lakh fifty thousand only).