Tractor Loan/Finance/Refinance - Hdfc Bank

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HDFC BANK

 

INTRODUCTION:

Upgrade your farm equipment with easy tractor loans. Get Loan up to 90% of Tractor Cost with highly competitive interest rates and processing fees. Loans for purchase of New / Old Tractors & Farm Equipments.

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FEATURES & BENEFITS OF TRACTOR FINANCE

Get Loan up to 90% of Tractor Cost.

  • Loan Repayment tenure from 12 months to 84 months.
  • Enjoy hassle-free documentation and speedy disbursal within 30 minutes of approval
  • Flexible Repayment Options
  • Loans without Land Mortgage and with Land Mortgage
  • Loans available basis Registration Certificate / Repayment Track Record / Income Proof

 

ELIGIBILITY FOR TRACTOR FINANCE

  • Minimum age - 18 years
  • Maximum age - 60 years
  • Minimum Annual Income : ₹ 1 lakh (for Farmers) & ₹ 1.5 lakhs (for Commercial segment)

 

DOCUMENTS REQUIRED FOR TRACTOR FINANCE

  • Application Form
  • Latest photograph of Borrower(s) / Guarantor (wherever applicable)
  • Aadhaar Card (Mandatory)
  • Identity Proof: Any one of Voter ID / PAN Card / Driving License / Passport
  • Proof of Signature Verification: Any one of Passport / Driving License / PAN Card / Bank Verification.
  • Land Ownership Proof (wherever applicable)
  • Others documents (wherever applicable)
    • Repayment Track Record
    • Registration Certificate of existing asset
    • Income Proof : ITR & Financials of Last 2 Years
    • Proof of Salary / Pension

 

INTERSET RATE & CHARGES FOR TRACTOR FINANCE

 

  • Interest Rate Range during the Period of Jan’20 to Mar’20:
  • Max 23.80%
  • Min 9.95%
  • Avg 16.51%

 

  • Average Annual Percentage Rate offered during the period of Jan'20 to Mar'20:
  • Max 27.17%
  • Min 10.09%
  • Avg 16.79%

 

  • Processing Fee*:
  • 2% of Loan Amount.

 

  • Pre-payment / Part Payment Charges*:
  • 6% - if within 6 months from the date of disbursement on the principal outstanding.
  • 4% - After 6 months and before 12 months from the date of disbursement on the principal outstanding.
  • 2% - After 12 months from the date of disbursement on the principal outstanding

 

  • Loan Cancellation:
  • In the event of cancellation, Interest charges will be borne by the customer. Processing Fee, Stamp Duty and RTO charges are non-refundable charges and would not be waived/refunded in case of loan cancellation.

 

  • Overdue EMI Interest:
  • 2% per month on unpaid instalments.

 

  • Legal, Repossession & Incidental charges:
  • At actuals

 

  • Stamp Duty & other Statutory Charges:
  • As per applicable law

 

  • CIBIL Charges (only on request):
  • Rs. 50/- per instance

 

  • Duplicate No Due Certificate / NOC:
  • Rs. 500/- per Instance

 

  • Duplicate Amortization Schedule Charges:
  • Rs 200/- per schedule

 

  • Cheque / ECS / SI Swap Charges:
  • Rs. 500/- per Instance

 

  • Collateral & ACH Documentation Charges*:
  • Rs. 750 per case

 

  • Loan Reschedulement / Re-booking charges:
  • Rs. 1000/-

 

  • Cheque / SI / ECS Return Charges*:
  • Rs. 550/- per Instance

 

  • Documentation charges (For Agri Mortgage and Used Tractor Valuation Cases)*:
  • Rs. 3000/-

Note: *Where ever notifiedGST and other government levies, as applicable, would be charged additionally at the applicable rates.

* Exclusive of GST

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