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Tractor Loan/Finance/Refinance
STATE BANK OF INDIA
FEATURES & BENEFITS OF TRACTOR FINANCE
- MORTGAGE FREE!!
- Lowest interest rate
- Sanction your tractor loan within 3 days only
- Monthly repayment facility
- Collateral Security Nil
- Margin 25% for tractor on original invoice and taxes
- 50% for accessories
- Rate of Interest is 11.20%. p.a, w.e.f 01.05.2016
- Repayment period 36 months with 1 month moratorium
ELIGIBILITY FOR TRACTOR FINANCE
- Borrower/ co-borrower should be women
- Minimum 2 acres of agricultural land in the name of borrower(s)
- Minimum annual income of borrower(s) should be Rs. 1,50,000 /- from all sources
DOCUMENTS REQUIRED FOR TRACTOR FINANCE
Pre Sanction Documents:
- Duly filled in application form
- 3 latest passport size photographs
- Identity proof- Voter ID card, PAN card, Passport, Aadhaar card
- Address proof: Voter ID card, Passport, Aadhaar card
- Documentary proof of land
- Income proof (Certificate from revenue authority)
- Quotation of tractor issued by dealer to customer
Pre Disbursement Documents:
- Duly executed loan documents
- 6 Post Dated Cheques.
- Pledge of liquid Security
Post Disbursement Documents:
- RC book with hypothecation charge in favor of SBI
- Original invoice/bill issued by dealer to the customer
- Comprehensive insurance copy
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Frequently Asked Questions About Tractor Loan/Finance/Refinance
A tractor loan is a type of financing provided by banks or financial institutions to help farmers and buyers purchase a tractor. It allows you to pay the cost in easy installments instead of a lump sum.
Tractor Loan interest rate starts from 9.00% p.a and goes up to 20.00% p.a.
Some commonly required Documents for a new tractor loan are address proof, age proof, identity proof, ownership proof, etc and required documents for a tractor loan vary from bank/FI to bank/FI.
For tractor finance credit score of more than 680 is required but in some cases applicant credit score as low as 520 is also able to get a tractor loan.
Yes, you can pay the tractor finance through EMIs on a monthly, quarterly, and half-yearly basis.
No, you don't have to mortgage land to get a tractor loan.
There is no fixed minimum-maximum amount for tractor loan. Tractor loan amounts can be customized to suit your individual needs.
The maximum loan amount that you can get is 90% of the total tractor price.
Best banks for tractor finance are SBI Bank, HDFC Bank, Kotak Mahindra Bank, Central Bank of India, Axis Bank, bank of Baroda, IndusInd Bank, ICICI Bank, and more.
Tractor loan tenure varies from 12 months to 84 months.
