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Tractor Loan/Finance/Refinance

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BANK OF BARODA

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FEATURES & BENEFITS OF TRACTOR FINANCE

  • Loan upto cost of Tractor including Implements minus margin
  • Term Loan
  • Repayment period up to 9 years
  • Flexible repayment options

TRACTOR FINANCE MARGIN

  • Minimum 25% of Cost of the vehicle & Implements

ELIGIBILITY OF TRACTOR FINANCE

Progressive, literate and illiterate farmers engaged in cultivation of crops as owner of land, permanent tenants or leaseholders (for reasonably long period) and who utilize the tractor/ machinery economically to the minimum extent of 50% on their own land holding.

  • Should have perennially irrigated land of minimum 4 acres (tractors to farmer with land holding below 6 acres of irrigated land is considered for tractors with horse power up to 35 hp).
  • Should cultivate high value commercial crops such as sugarcane, grapes, bananas & vegetables

REPAYMENT PERIOD

3 to 5 years depends upon percentage of standard performance of tractor.

SECURITY

  • Hypothecation of tractor and implements.
  • Charge/mortgage of land or third party guarantee

FEATURES & BENEFITS OF SECOND HAND TRACTOR REFINANCE

  • Max Loan uptoRs. 2 Lacs
  • Term Loan
  • Repayment period 3-5 Years
  • Flexible repayment options

MARGINSECOND HAND TRACTOR REFINANCE

20% of value assessed by the Government valuer / dealer approved surveyor of General Insurance Company.

ELIGIBILITY OF SECOND HAND TRACTOR REFINANCE

Farmers engaged in cultivation of crops as owner of land, permanent tenants or leaseholders (for reasonably long period)

  • Should have perennially irrigated land of minimum 2 acres in his own name or jointly with family members who will be joint borrowers.
  • Farmers of other agriculture lending scheme viz. dairy, poultry, fisheries are also eligible to undertake the transportation of their produce as well as hollage work.

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Frequently Asked Questions About Tractor Loan/Finance/Refinance

A tractor loan is a type of financing provided by banks or financial institutions to help farmers and buyers purchase a tractor. It allows you to pay the cost in easy installments instead of a lump sum.

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

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

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.

Yes, you can pay the tractor finance through EMIs on a monthly, quarterly, and half-yearly basis.

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

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

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

Best banks for tractor finance are SBI Bank, HDFC Bank, Kotak Mahindra Bank, Central Bank of India, Axis Bank, bank of Baroda, IndusInd Bank, ICICI Bank, and more.

Tractor loan tenure varies from 12 months to 84 months.

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