Tractor Loan/Finance/Refinance - Magma Fincorp

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MAGMA FINCORP

 

INTRODUCTION:

  • Loans for all brands of tractors.
  • Loans for used tractors also.
  • Highest tractor loan disbursement amount in the market.
  • Tractor Loans upto 90-95% of the tractor price.
  • Loans to farmers living even in deep rural areas of the country, where other financiers have not ventured out to.
  • Magma Fincorp provides Tractor loans in many states across India such as in
    Andhra Pradesh, Telangana, Tamil Nadu, Maharasta, Punjab, Uttar Pradesh, Madhya Pradesh, Rajasthan, Karnataka, Kerala, West Bengal, Orissa, Jharkhand, Bihar, Gujarat, Haryana & More.
  • For more details fill in the form on this page and we will get back to you at the earliest time possible.
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FEATURES & BENEFITS OF TRACTOR FINANCE

  • Flexible tractor loan documentation.
  • Loans available for farmers based on land holdings.
  • Loans from marginal to high-end farmers (based on land holdings).
  • Loan repayment options in monthly, quarterly, or half-yearly cash instalments and Security Post Dated Cheques.
  • Fresh loans without land holding documents for existing Magma tractor loan customers with good repayment records for 12 months or more.
  • Affordable Tractor loan interest rates.

 

ELIGIBILITY FOR TRACTOR FINANCE

  1. Agricultural Scheme
  • Minimum of 2 acres of land ownership required
  • Guarantor required
  • Tractor Loans are disbursed based on land holdings -the higher the land holding, the higher the loan amount.
  • Upto 95% Loan (Minimum 2 acres of land holding)

 

  1. Tatkal Scheme
  • No Guarantor required
  • No land ownership documents required
  • Upto50-60% Loan (Without land ownership)

 

  1. Commercial Use Scheme
  • Property ownership documents required
  • Residence stability of 3 years required
  • 70-80% (Property ownership and guarantor required)
  • Guarantor required

 

DOCUMENTS REQUIRED FOR TRACTOR FINANCE

  • Land documents (confirming ownership, crop holding and land holding)
  • Encumbrance certificate (to check for hypothecation)
  • KYC documents (identification, proof of address, signature, DOB proof)
  • Guarantors KYC and copy of land ownership documents

 

INTERSET RATE & CHARGES FOR TRACTOR FINANCE

  • Interest Charges:
  • Our Interest Rates on Tractor Loans vary from 16% to 20% depending on a host of factors. Magma has customized schemes to meet the needs of the customer.

 

  • Foreclosure Charges:
  • 5% of the Principal Outstanding for pre-closures beginning 6 months after date of agreement.
  • No foreclosure allowed within 6 months from date of availing the tractor loan.

 

  • Late Payment Penalty:
  • 3% per month

 

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