Tractor Loan/Finance/Refinance
MAGMA FINCORP
FEATURES & BENEFITS OF TRACTOR FINANCE
- Flexible tractor loan documentation
- Loans available for farmers based on land holdings.
- Loans from marginal to high-end farmers (based on land holdings).
- Loan repayment options in monthly, quarterly, or half-yearly cash instalments and Security Post Dated Cheques.
- Fresh loans without land holding documents for existing Magma tractor loan customers with good repayment records for 12 months or more.
- Affordable Tractor loan interest rates
ELIGIBILITY FOR TRACTOR FINANCE
- Minimum of 2 acres of land ownership required
- Guarantor required
- Tractor Loans are disbursed based on land holdings -the higher the land holding, the higher the loan amount.
- Upto 95% Loan (Minimum 2 acres of land holding)
- No Guarantor required
- No land ownership documents required
- Upto50-60% Loan (Without land ownership)
- Property ownership documents required
- Residence stability of 3 years required
- 70-80% (Property ownership and guarantor required)
- Guarantor required
DOCUMENTS REQUIRED FOR TRACTOR FINANCE
- Land documents (confirming ownership, crop holding and land holding)
- Encumbrance certificate (to check for hypothecation)
- KYC documents (identification, proof of address, signature, DOB proof)
- Guarantors KYC and copy of land ownership documents
INTEREST RATE & CHARGES FOR TRACTOR FINANCE
Interest Charges
Max 20%
Min 16%
Mean
Our Interest Rates on Tractor Loans vary from 16% to 20% depending on a host of factors. Magma has customized schemes to meet the needs of the customer.
Foreclosure Charges
Max
Min
Mean
5% of the Principal Outstanding for pre-closures beginning 6 months after date of agreement.
No foreclosure allowed within 6 months from date of availing the tractor loan.
Late Payment Penalty
Max 3% per month
Min 3% per month
Mean 3% per month
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