Tractor Loan/Finance/Refinance - Hdfc Bank

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