BOP Tractor Leasing Program offers tractor and agri implements/machinery leasing programs to help farmers increase their agricultural production. The objective of this program is to facilitate the purchase of new or used tractors and agricultural machinery for farmers. The main objective of the BOP Tractor Leasing Program is to help farmers increase agricultural production by providing financial assistance for the purchase of tractors and other agricultural equipment. It helps in improving farm mechanization, maximizing crop productivity and promoting non-farm agricultural activities.
BOP has a vast experience of nearly a decade in tractor and agri implements/machinery leasing. Tractor Lease Scheme 2024 The objective of BOP is to facilitate farm mechanization to agricultural users, maximize productivity from their production/cultivation and support non-farm agricultural activities.
BOP Tractor Leasing Program Details and Aspects
| Aspect | Details |
| Key Features | Financing for new/used tractors and machinery, loan size from PKR 500,000 to PKR 20 million, loan tenor 1-10 years, and lease key money of 20-30%. |
| Eligibility Criteria | Own enough land (including family-owned), aged 21-65 years, no history of loan write-offs. |
| Subsidy Details | Financial aid and technical assistance for purchasing and installing tractors and machinery. |
| Application Process | Prepare necessary documents (e.g., land ownership proof), follow guidelines, and seek assistance from local authorities or the official website. |
Main Features
Financing:
Available for both brand new and used tractors and agricultural machinery.
Loan Size:
Minimum PKR 500,000 and maximum PKR 20 million.
Loan Tenure:
Minimum 1 year and maximum 10 years.
Key Lease Amount:
20% for tractors/harvesters and 30% for other agricultural implements/machinery.
Eligibility Criteria
- Bank Of Punjab Tractor Loan Scheme Even if the land is owned by family members, applicants must have enough land to pay the financing amount to be eligible for the program. Age limit for applicant should be 21 to 65. To be eligible for the program, the applicant must also have no history of loan repayment.
Subsidy details
- The program provides substantial financial assistance to help with the cost of installation and purchase of tractors and other agricultural equipment. To increase farmers’ access to and affordability of modern farming equipment, it also provides technical assistance to ensure proper installation and maintenance.
Distribution plan
BOP Tractor Leasing Program To make the software run smoothly, it will be implemented gradually. This includes informing the farmers about the benefits of the program, giving them monthly assistance, and monitoring the functioning of the program. This incremental strategy ensures that many different farmers benefit over time.
Application Process 2024
BOP Tractor Leasing Program Farmers interested in the program must collect the required paperwork, such as proof of land ownership, and submit according to the application rules. For a seamless application process, they can use the official website or seek help from local authorities.
BOP Tractor Leasing Program Through the use of more efficient machinery, the program helps farmers reduce their fuel and electricity costs. By encouraging greener farming practices, it reduces greenhouse gas emissions and strengthens the agribusiness economy by promoting expansion and job creation.
| Features of Bop Tractor & Agri Implements/ machinery Leasing | |
| Purpose | BOP Tractor Leasing Program Financing for purchase of all brand new/used (used up to 2-Years only) & Agri Implements/Machinery. |
| Eligibility Criteria | Minimum Land owned by customer sufficient to cover the finance amount along with applicable margins (Owned or Family Owned i.e. Father, Son, husband, Wife).Should not have write off history |
| Age Requirement | Age should be between 21- 65 (Max. 65 years at time of maturity) |
| Target Market | The target market shall be mainly comprised of individuals and entities belonging to both farm & non-farm sectors. |
| Loan Size | Minimum Per Tractor LimitRs.500,000/-Rs.5.00 Million Per Agri implements/machineryRs.500,000/-Rs.10.00 Million Per Party LimitRs.500,000/-20.00 Million |
| Loan Tenor | Minimum 1 year and maximum 10 years. |
| Lease Key Money | 20% of the Total value of Tractor/Harvester and 30% for rest of the Agri Implements / Machinery. |
| Pricing | KIBOR + 4% to 7% p.a. |
| Security Requirement | As per banks’ policy |
| Insurance & Tracker Cost | Actual (To be paid by Lessee) |
| Processing Fee(Non-refundable) | Rs. 5000 per tractor & agri Implements /Machinery |
| Processing Fee | As per SOC |
FAQ’s
What additional support will be provided under the scheme in 2024?
BOP Tractor Leasing Program Additional projects include setting up of solar-powered charging stations in schools and a laptop registration scheme.
How do users apply for the program in 2024?
Users are required to monitor official communications, prepare required documents, and follow application guidelines provided through official channels.
How many loan sizes are available under this program?
The program offers loans ranging from PKR 500,000 to PKR 20 million depending on the type and value of the equipment.
What is the age requirement for applicants?
Applicants must be between 21 and 65 years of age to be eligible for the program.
Conclusion
BOP Tractor Leasing Program is a valuable initiative aimed at helping farmers in Punjab to improve their agricultural production. By offering financial and technical support, the program facilitates farmers’ access to modern farming equipment, leading to better crop yields and the development of a more sustainable agricultural sector.