Tractor Loan/Finance/Refinance
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.
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
- Repayment Track Record
- Registration Certificate of existing asset
- Income Proof : ITR & Financials of Last 2 Years
- Proof of Salary / Pension
INTEREST RATE & CHARGES FOR TRACTOR FINANCE
Details of interest rates and charges applicable for the period Jan’20 to Mar’20
Interest Rate Range (Jan’20 - Mar’20)
Max 23.80%
Min 9.95%
Mean 16.51%
Average Annual Percentage Rate (Jan’20 - Mar’20)
Max 27.17%
Min 10.09%
Mean 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/-
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