Tractor is one of the widest used farm equipments which has its applicability in almost all the parts of Indian Agriculture. This wide applicability has led to the expansion of the tractor industry and the related Tractor Finance which makes it easier for the farmers of any scale.
This blog is a general guide to the process of Tractor Finance:
Consider various Banking Options and Schemes
There are two options for obtaining tractor finance. First, visiting various tractor finance companies to get a fair knowledge of the schemes and offers they provide; leading to an edge over other variants. Second, visiting the dealership and consult the finance representatives of banks present in the dealership; this method is convenient as no hassle is created.
Apply for Finance
In order to avail tractor loan and finance, the buyer has to fill the form and meet eligibility requirements published by the bank. The approval may require submission of some documents.
Host a Visit (First Investigation)
A visit is then made by an official of the bank. The official visits to check certain criteria as the property owned, the living standard, personal behavior, social behavior, economic status, etc. Also, to consult references in the neighborhood for knowing the buyer better.
Final Formalities
Signing the agreement of the Tractor Finance availed and other declarations regarding repayment options and tenure, is the next step. The bank then checks the CIBIL score of the buyer and checks final eligibility, on the satisfaction of which the buyer is asked to submit Signature, Photocopy of Passbook and 3-5 Post Dated Checks, for bank’s use.
Call from Credit Department
Finally, the Credit department of the bank makes a call of verification in order to recheck all the details concerned (amount of loan, EMI, duration) along with a confirmation that the buyer was not forced to opt for tractor finance.
Financed Amount issued to the Dealer
On meeting all the above requirements and the processes, tractor finance is finally processed and the amount is credited to the dealer.
Conclusion
Obtaining finance for a Tractor Purchase has been made very easy and efficient through modern banking techniques, this is why tractor finance is widely used these days. Tractorjunction.com brings you this ease of banking at your fingertips. We believe in making the process of Tractor Finance easier than ever.
