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New Tractor Loan Eligibility

Check down below eligibility for a new tractor loan

New Tractor Loan Documents

Documents required for new tractor loan

Tractor Loan/Finance Schemes

Recently Asked Question about New Tractor Loan

What type of loan is a Tractor Loan?

Tractor loans are a type of agriculture loan. tractor loan can be applied by an individual or group of individuals. The repayment can be done by the entire group of individuals or by a single individual within the group. tractor finance/ loan follows the equated monthly installment (EMI) schedule.

What is the interest rate on a tractor loan?

Tractor Loan interest rate starts from 9.00% p.a and goes up to 20.00% p.a.

What are the required documents for new tractor loan?

Some commonly required Documents for a new tractor loan are address proof, age proof, identity proof, ownership proof, etc Required Documents for a tractor loan vary from bank/FI to bank/FI.

What credit score is needed to tractor finance?

For tractor finance credit score of more than 680 is required but in some cases applicant credit score as low as 520 is also able to get a tractor loan.

Are quarterly and half yearly repayment options available for tractor finance?

Yes, You can pay the tractor finance through EMIs on a monthly, quarterly, and half-yearly basis without any worry of financial burden.

Do I have to mortgage land to get a tractor loan?

No, you don't have to mortgage land to get a tractor loan.

What are the minimum and maximum tractor loan amounts offered?

There is no fixed minimum-maximum tractor loan amount. Tractor loan amounts can be customized to suit your individual needs.

What is the maximum loan amount for tractor loan?

The maximum loan amount that you can get is 90% of the total tractor price.

Which bank is best for tractor finance?

Banks Best For tractor Finance are SBI Bank, HDFC Bank, Kotak Mahindra Bank, Central Bank of India, Axis Bank, bank of Baroda, IndusInd Bank, and ICICI Bank.

What is the Tenure of tractor loan?

Tractor loan tenure varies from 12 months to 84 months.

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About Tractor Loan in India

Tractors are no longer mere farming machines. They are the resources using which farmers can attain the maximum possible productivity and best possible outcomes on the field. From seed sowing to carrying the harvested crop to the markets, tractors are helping farmers at every step. 

This is why farmers who are equipped with quality and feature-rich tractors can generate better crops in a short time. However, buying tractors in India is not an easy task for every farmer. While many farmers of this nation are small-scale farmers, they might have issues finding adequate funds to purchase tractors in India. 

Tractor loans or tractor finances are the only viable option for farmers in this case. Tractor loans in India are a financial product designed to help farmers and agricultural businesses have immediate funds to buy tractors.  

Tractor Loan Overview 

Tractor loans or tractor finance are part of the agriculture loan category. They are offered by many leading banks, government-led financial bodies, and non-banking financial companies (NBFCs) across the country. With their help, farmers can buy a new tractor, mini tractor, electric tractor, and used tractor easily.  

An individual or a group of individuals can apply for a tractor loan. The payback can be completed by the entire group or by a single person inside the group. The equated monthly installment (EMI) schedule is used for tractor finance. This is a secured loan that works similarly to a car loan. The financier will take control of the tractor if the borrower defaults.

Tractor Finance Features and Benefits

To make the most of your tractor loan, you need to first know Tractor Loan features and the benefits it brings to the table. Let’s first know about the key features. 

1. Tractor loan interest rates vary according to the financing bodies from where you’re availing it. Some banks have fixed interest rates while few will have floating rates. Hence, you must know it beforehand. 
2. Farmers should get insurance before availing of a tractor loan. This is a mandatory requirement for it. 
3. Mostly, tractors and their related accessories are used as collateral for tractor loans. However, in certain cases, farming land can be used as collateral as well. 
4. Borrowers are generally required to make a down payment when purchasing a tractor. The down payment amount can vary according to the farmers and their requirements.  
5. The maximum loan amount that you can get for tractors is 90% of the total tractor price. 
6. Banks might charge a loan processing fee. The most commonly charged fee is 2%. 
7. Tractor Loan repayment terms should be understood carefully. These terms generally include interest rates, repayment tenure, and repayment options. 

Now that you’re aware of the features of tractor loans in India, it’s time to learn about their benefits. The following are the main advantages of tractor finance. 

Ø Easy Processing: Tractor loans are secured loans that use the tractor as collateral. They are simple to process and get. As a result, the processing and payout of tractor loans are simple and rapid.

Ø Apply Online: The applicant has the option of applying for tractor finance via the Internet. Physical verification of the documents will take place. The payment is made and subsequent communications are handled via phone or email.

Ø Low-interest Rate: The tractor loan rate of interest is low because it is a priority sector loan. As a part of the agricultural industry, the tractor finance interest rates are lower than other vehicle loans. As a result, it is a more practical solution.
Ø Simple Documentation: Required tractor finance documents are quite conventional. Priority sector and secured loans are processed more quickly. To demonstrate the applicant's legitimacy, normal evidence of identification, address, and income is required.

How To Apply for a tractor loan?

Applying for a tractor loan with any tractor finance company is an easy job that you can complete in a fraction of a second, provided you do it the right way. The simple and seamless tractor loan application process and the below-mentioned steps. 

1. Check tractor loan eligibility criteria
2. Find a reliable tractor loan provider 
3. Visit the official website or visit the tractor finance company near you 
4. Ask for the required tractor finance documents and collect all of them to start the application process 
5. Fill out the tractor loan application after carefully reading the T&C and repayment details 
6. Decide an EMI amount and provide your bank details 
7. Get the tractor loan and start paying EMIs on the due date.

That’s it! This is the basic process of applying for a tractor loan in India. Based on the requirements of the tractor financing companies, there might be a slight variation in these steps. That’s why, we recommend getting the right information about ‘ Tractor finance kaise kare by contacting the reliable tractor financing company near you. 

Tractor Loan Eligibility

Before you plan to get a loan to buy a tractor in India, you need to check your eligibility. You can avail this facility only if: 
1. You’re an Indian citizen 
2. For a tractor loan, You meet the minimum age criteria. Applicants should be between 18 and 65 years of age
3. You have enough income and repayment capacity. Banks will confirm whether you have a stable source of income to pay back the tractor loan. 
4. There is a good credit score and history to back you up. It’s measured on a scale of 0-900 Tractor financing is not available to farmers with poor credit scores as it leads to high interest rates. 
5. You have some assets to be used as collateral for the tractor loans in India. However, not every bank asks for collateral. 
6. You submit all the required tractor loan documents like address proof, income proof, and agricultural land documents correctly to the banks or government bodies. 
7. You apply for an appropriate loan amount. It shouldn’t exceed the total cost of the tractor. Also, you should be able to make some down payment before applying for the loan. 

Required Tractor Loan Documents 

Providing relevant documents is a part of tractor financing. Different tractor finance companies may have different document requirements. However, the general documents that are required to avail of a loan in India are mentioned below. 

1. Identity Proof 

Farmers have to submit valid identity proof to verify that they are Indian citizens and are eligible for government-led or private banks’ financial help. The acceptable identity proofs for tractor loans are: 
1. Aadhar Card
2. Voter ID Card
3. PAN Card
4. Passport
5. Driving License
6. Aadhar Card
7. Govt. issued document + Photograph

2. Age Proof 

As a tractor loan is only offered to people between 18 - 65 years, you need to present age proof as well. For this, acceptable documents are: 

1. Marks Sheet with date of birth
2. Date of Birth Certificate 
3. Voter ID card 
4. PAN Card
5. Passport
6. Driving License
7. Aadhar Card

Address Proof 

You need to submit documents like Electric Bills, Water Bills, and rental agreements as address proof for the tractor loan. 

Ownership Proof 

Banks will need proof that you own a tractor. This is why you need to submit sales documents and possession letters.

Income Proof 

To ensure that you’re able to repay the tractor loan, you need to submit proof of income. The acceptable documents are tax filing details and bank statements for the past 6 months.

List of Banks Providing Tractor Loans

Major banks that provide tractor loans to farmers and commercial customers can be found on TractorGyan. Tractor Loans are given out by lenders such as banks and non-banking financial corporations (NBFCs). We assist farmers in obtaining a tractor loan from major lenders, which are as follows:  

1. TVS Credits
2. HDFC Bank
3. SBI Bank
4. Kotak Mahindra Bank    
5. Central Bank of India
6. Axis Bank    
7. Bank of Baroda    
8. IndusInd Bank
9. Mahindra Finance
10. ICICI Bank 
11. L&T Finance

You can get the finest ‘tractor finance near me’ for your needs with the lowest interest rates at TractorGyan. Simply reach us to know more details about tractor loan interest rates provided by each bank.

TractorGyan gives you the option of getting proper financial help for your dream machine, and that too with all of the new schemes. Examine our list of partners to find the best tractor loan schemes and tractor loan EMI calculator. 

Here, you can get every important detail about the documentation requirements and other formalities with a single click. With us, getting a tractor finance in India is no longer a headache. 

Tractor Loan Interest Rate & Charges

Knowing interest rates and charges is important for any farmer so that they don’t end up getting a tractor loan with high repayment. We strongly recommend using a tractor loan calculator to find the repayment amount. 

 A head-to-head tractor loan interest rate comparison is also highly recommended. You need to know that tractor loan interest rates vary according to the banks. 

 According to the interest rate, the number of EMIs and amount also varies. Hence, don’t forget to use the tractor loan EMI calculator for accurate details.

How Farmers Can Avail Loans Against Tractors in India?

Many banks and financial bodies consider the tractor a worthy machinery and provide loans against the tractor in India. With this facility, tractor owners can deal with money crunch. When you get a loan against tractors in India, you continue using the tractor. 

To avail of this facility, you need to prove your tractor ownership. Yes, you can only avail a loan against a tractor or tractor refinance in India if you own a tractor. Apply for a loan against a tractor and provide suitable documents to get ahead with the application. 

Can I Get a Used Tractor Loan?

Yes, you can easily get a used tractor loan in India. Using this tractor finance option, you can purchase a used tractor to empower your farming operations. A used tractor helps farmers to save money while enjoying great agricultural features.  

What are the required documents for a new tractor loan?

Farmers need a tractor to ease down their farming operations and this is why new tractor loans in India are easily available. Many leading banks and government agencies provide a loan on new tractors. 
If you plan to get a new tractor loan in India then you need to have some crucial documents ready to process the tractor finance application quickly. Here is a list of documents for a new tractor loan in India. 
1. KYC Documents 
2. Loan Application Form 
3. Address Proof 
4. Income Proof 
5. Agricultural Land Ownership Proof
6. Quotation for Tractor Purchase
7. Tractor's Proforma Invoice
8. Bank Statements
9. Passport-size Photographs

What are the required documents for a used tractor loan?

Buying a used tractor in India is a wise move to make when you want to get a viable tractor and save a great deal of money. To get a used tractor loan, farmers need to submit the following documents for a used tractor loan an Aadhar card, proof of income, address proof, bank statements, copy of loan application, and passport photographs. 

What are the required documents for loan against tractor in India?

The tractor is a great asset to own. This is why farmers can easily get a loan against tractors or tractor refinance. For farmers who want to avail of a loan against a tractor in India, some important documents for loan against tractor or tractor refinance are an Aadhaar card, copy of PAN card, address proof, identity proof income proof, tractor registration details, bank statements, copy of loan application, and passport photographs. 

Depending upon the bank you have decided to take the tractor loan from, some document requirements might vary.