Tractor Loan/Finance/Refinance - Icici Bank





ICICI bank offers easy and hassle free tractor loans for first time buyers/tractor owners having agricultural land.

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  • Easy loan procedure
  • Quick processing
  • Repayment period up to 5 years
  • Flexible repayment options
  • Fixed Rate of Interest throughout the tenure
  • Non- mortgage loan available
  • Low processing fee
  • low Interest Rate



  • Minimum 3 acres of land in the name of borrower.
  • Agriculture income is being considered for eligibility calculation.
  • Commercial Income is being considered for commercial segments.



Pre Sanction Documents:

  • Filled in application form
  • Two latest photograph of all borrowers
  • Proof for signature verification - Passport/ Driving licence/ Pan card / Bank's verification
  • Identity proof
  • Address proof
  • Constitutional documents 
  • Quotation of tractor issued by dealer to customer
  • Proof of land holding 
  • Land valuation report from empanelled valuer (wherever applicable)
  • Past loan track record of the customer (wherever applicable)


Pre Disbursement Documents:

  • Duly executed loan documents 
  • Original Invoice issued by Dealer to customer 
  • Title Search Report from empaneled lawyer (wherever applicable)
  • Margin Money Receipt (Issued by the dealer to the customer as a token of acceptance to the margin money paid ) 
  • Mortgage Deed in case of registered mortgage (wherever applicable)
  • Comprehensive Insurance Hypothecated to ICICI Bank 
  • Proof of acknowledgment from Sub-Registrar along with declaration from lawyer that he has created charge along with proof of charge creation (wherever applicable)



  • Interest Rate Range for Tractor Loan
  • Max 21.25%
  • Min 13.0%
  • Mean 15.9%


  1. These rates has considered based on funding till FY20 YTD Sept’19(Quarter II – FY2019-20)
  2. The rate of interest is also based on the quality of assests being funded and its resale value in the market
  3. It excludes subsidy and government schemes
  4. Mean rate - Sum of the rate of all loan accounts / Number of loan accounts


  • Annual Percentage Rate (APR) calculation
  • The Annual Percentage rate calculator is provided to compute annualised credit cost, which includes interest rate and processing fee.
  • The APR calculator does not include charges like stamp duty, Prepayment charges etc.


  • Pre-Payment

Lower of the two options mentioned below:

  • 1) 4% of principal outstanding or
  • 2) Interest outstanding for unexpired period of loan


  • Processing fees
  • Up to 4 %


  • Part Payment
  • Nil*


  • Duplicate No Due Certificate / NOC*
  • Rs 500 inclusive of GST


  • Revalidation of NOC charges
  • Rs 500 inclusive of GST


  • Duplicate Amortisation Schedule Charges*
  • Can be downloaded through Net Banking, Rs 200 from branch


  • Swapping charges for ECS/Cheque/SI
  • Rs 500 inclusive of GST


  • Stamp Duty
  • At actuals


  • Late Payment Penalty
  • 2% per month on unpaid instalments.


  • Legal, Repossession and Incidental charges Incidental charges are those expenses that are not budgeted or specified, but are incurred by the bank on behalf of the customer.
  • At actuals


  • Loan Cancellation Charges
  • In the event of cancellation, interest on cancellation to be paid by  customer, Rs. 1,000 along with processing fees


  • Cheque bounce charges
  • Rs 500 excluding GST


  • Statement of account
  • Rs 200 from branch inclusive of GST


  • Foreclosure statement charges
  • Rs 100 from branch inclusive of GST


  1. GST and other Govt. taxes, levies etc. applicable as per prevailing rate may be charged over and above these charges at the discretion of ICICI Bank.
  2. The charges or fees given above are subject to change and the one recorded in the agreement will be binding over the above
  3. Effective for loans availed from August 10, 2009. For loan availed prior to the said date, the cheque return charges is Rs. 200
  4. Interest Reset Clause: Applicable


* Terms and Condition apply



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