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Are you thinking of buying a tractor but worried about the cost? Buying a tractor on full payment is hard since tractors are costly, though very important for farming. That is where tractor loans come in! They immediately provide the money you need and allow you to buy a modern tractor, which can make you work faster and also increase productivity.
It is very important to choose a low-interest tractor loan rate since the rates do vary. Most financiers offer different tractor financing interest rates, so comparison always makes sense. Moreover, using a Tractor Loan EMI Calculator helps you know the monthly payments and manage your budget accordingly. With this information, you can select the most convenient tractor loan option, which may make your farming task quite easy. Don't let the price of a tractor keep you from getting what you need; get a tractor loan today!
Compare the new tractor loan interest rate below.
| Bank Name | Interest Rate | Loan Amount | Loan Tenure |
|---|---|---|---|
| ICICI Bank | 13% p.a. to 22% p.a. | As per terms and conditions | Up to 5 years |
| State Bank of India | 9.00% p.a. - 10.25% p.a. | Up to 100% finance | Up to 5 years |
| HDFC Bank | 12.57% p.a. to 23.26% p.a.* | Up to 90% finance | 12 months to 84 months |
| Poonawalla Fincorp | 16% p.a. to 20% p.a. | Up to 90% - 95% finance | According to bank |
Check down below eligibility for a new tractor loan.
Documents required for new tractor loan.
Various banks offer tractor loans with different features and interest rates. Here, we will discuss leading options like the SBI Tractor Loan, HDFC Tractor Loan, and Bank of Baroda Tractor Loan.
With tractor finance, you can easily get the money you need to purchase a tractor. Tractor Junction has partnered with banks like L&T Finance, HDFC Bank, Kotak Mahindra Bank, and others to provide you with simple financing solutions. Read on to learn more:
SBI, or State Bank of India, offers tractor loans to farmers and individuals looking to purchase tractors for agricultural or commercial purposes. SBI's tractor loan is available to anyone with at least 2 acres of land ownership. The interest rate starts at 9% onwards. You can also calculate your EMIs on the SBI tractor loan EMI calculator. It has attractive features, competitive interest rates, and flexible repayment options.
Key Features
HDFC Bank provides tractor loans to farmers and non-farmers, whether they want to buy a new or used tractor. The bank offers an attractive interest rate and fast approval, usually within 30 minutes. It also offers a hassle-free documentation process for applying for an HDFC tractor loan. Check out below to learn more about the Key features:
Key Features
Loan Amount: Up to 90% of the tractor cost
Interest Rates: Competitive interest rates with low processing fees
Tenure: Flexible repayment period from 12 to 60 months
Loan Processing: Easy documentation and fast disbursal with flexible repayment options
Asset insurance and life insurance
Credit Shield policy covering outstanding loans in case of accidental death or permanent disability.
Individuals and farmers looking to buy new or used tractors can apply for Bank of Baroda tractor loans. To qualify, the applicant must own a minimum of 2.5 acres of agricultural land.
Key Features
The ICICI tractor loan starts at 13.0%, whereas the ICICI tractor interest rate is 16.%. ICICI also provides an EMI calculator tractor loan to help you calculate EMI, interest rate and eligibility. ICICI Bank offers a tractor loan that is eligible for farmers and non-farmers, financing a certain percentage of the tractor's cost.
Key Features
The bank ensures flexibility in repayment options, where the tractor serves as collateral, simplifying the application process.
Additionally, borrowers benefit from attractive interest rates, quick loan processing, and minimal documentation requirements for ease of application.
Poonawalla Fincorp, a prominent financial institution, provides tractor loans for new and used tractors nationwide. The loan service provider serves farmers in Telangana, Andhra Pradesh, Maharashtra, Tamil Nadu, Punjab, Madhya Pradesh, Uttar Pradesh, Rajasthan, Kerala, Karnataka, Orissa, West Bengal, Bihar, Jharkhand, Haryana, and Gujarat, among different spots. They make loan accessibility easier for those living in village areas.
Key Features
The documentation process for the Magma Fincorp tractor loan is smooth and uncomplicated. Borrowers can opt for monthly, quarterly, or half-yearly repayments.
New tractor loans are available for existing customers without needing to submit land-holding documents.
Borrowed loans can be foreclosed six months after disbursement, with preclosure charges set at 5% of the outstanding principal.
If you are applying for a tractor loan, you need to fulfil some legal requirements to avail of the loan easily. Below, you can check out some essential documents required for a Tractor Loan:
Want to apply for a tractor loan online? You can get the process done in no time with the help of Tractor Junction. Here’s how:
Step 1: Share personal details: To do this, you must fill out a simple form asking for the name, number, type of loan, and location.
Step 2: Get Loans from Associated Banks: Our dedicated customer care will call you about attractive loan offers for your tractor.
Step 3: Hassle-Free Approval: Reach them and get approval without much of a struggle.
Step 4: Money in Account: The approved loan amount will be directly credited into your account.
Tractor Junction is an ideal platform for farmers looking for tractor loans. Here’s why:
Specialized Support for Farmers: Tractor Junction focuses on agricultural equipment like tractors, trucks, and bikes, so it understands farmers' unique loan requirements.
Wide Network of Lenders: With strong connections to banks and financial institutions, Tractor Junction matches farmers with suitable tractor financing options. You can explore options like ICICI Tractor Loan, SBI Tractor Loan, Bank of Baroda Tractor Loan Interest Rate, and HDFC Tractor Loan choices.
Customized Financing Options: Depending on each farmer’s needs, Tractor Junction offers flexible tractor finance interest rates, making loans more affordable.
Clear Loan Details: All terms, tractor interest rates, and fees are explained simply so farmers fully understand their financial commitment.
Easy Online Access: Farmers, even in rural areas, can easily access tractor finance checks online, apply, and track their tractor loan status through Tractor Junction’s online service.
Tractor Loan Tools: The Tractor Loan EMI Calculator and tractor loan calculator help farmers plan their budget by checking monthly payments and tractor loan interest rate options across different banks.
Since third-party insurance is mandatory under the Motor Vehicle Act, Why don't you check out Tractor Insurance for all-around protection? Get more info here- Tractor Insurance.
Check out the frequently asked questions below.
Check out these loan types for your other needs.
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