Documents required
Gather these before you apply and a sanction that normally takes weeks can take days.
Identity and address
- Aadhaar card
- PAN card
- Voter ID, driving licence or passport as an additional proof
- Recent passport-size photographs (usually three to four)
- A utility bill or ration card if the address on your ID is out of date
Land and farming proof
- Land record extract — the 7/12, Khasra, Khatauni, Jamabandi or Adangal, depending on your state
- Mutation certificate, where the land has changed hands recently
- Crop details or the previous season's sale receipts, where the lender asks
- Lease or tenancy agreement if you farm land that is not in your name
Income and banking
- Bank statements for the last six to twelve months
- ITR for the last one to two years, if you file
- Salary slips, if you or a co-applicant is employed
- Details of any loans you are already repaying
Tractor papers
- New tractor: dealer quotation or proforma invoice
- Used tractor: RC, current insurance, sale agreement, seller's KYC, and the hypothecation cancellation from any previous loan
- Loan against tractor: RC in your name, free of hypothecation, plus current insurance
The three that hold files up most often — an unmutated land record after an inheritance, a hypothecation still showing on a used tractor's RC, and an address mismatch between Aadhaar and the bank account. All three take time to fix at a government office, so check them the day you decide to apply, not the day the lender asks.
Sign nothing blank
You will be asked to sign a number of forms. Do not sign one with empty fields on the promise that it will be filled in later, and take a photograph of every page you sign. Ask for your own copy of the sanction letter and the loan agreement — you are entitled to both, and you will want the foreclosure clause in writing long before you need it.