Tractor Loans In India

Tractor loans are opted by many farmers as they help them to buy a tractor and repay the amount in instalments. These instalments even help them to manage their finances and carry out the farming cycle. Are tractor loans available for used tractors? Yes, here we also provide used tractor loan for farmers as well. 

Tractor loan banks

At TractorGuru you can find major banks that give out new tractor loan and second-hand tractor loan to farmers and commercial customers. Lenders like banks and non-banking financial companies (NBFC) give out loans. We help farmers to secure a Tractor loan from major financers like TVS Credits, SK Finance, HDFC Bank, SBI Bank, Kotak Mahindra Bank, Central Bank of India, Sundaram Finance Group, DCB Bank, Mahindra Finance, Cholamandalam, Tata Capital, MAS Bank, Shriram Transport Finance, Oriental Bank of Commerce, Indian Bank, and L & T Finance. At TractorGuru, you can find the best loan as per your needs with the lowest Interest rates. 

Tractor Loan Interest rates

These financers provide tractor loans at the lowest interest rates. Interest rates of Public banks are the lowest, and the interest rates of public banks are comparatively higher. You can avail of a tractor loan with an interest rate as low as 5% with a good Credit score. New tractor finance average rate of interest & used tractor loans ranges between 8% to 20%. 

Tractor Loan Eligibility 

The Eligibility for a tractor loan depends on major factors and may vary from bank to bank. We have listed a few points on the eligibility of tractor loans. The applicants are divided into two types i.e., farmers and commercial customers. Farmers are those who register their tractors for personal use. Commercial buyers are those who register the tractor for business and commercial use. So, second-hand & new tractor loans are available for both farmers and businesses. 

Process of Tractor Loan for Farmers

• Minimum 18 years of age

• Maximum age of 60 on the date of funding

• Minimum income of Rs.1 lakh per annum

• Minimum 2 acres of agricultural land required

• Residential stability of 2 years

• Good CIBIL score

• Margin money deposit

Process of Tractor Loan for Commercial Customer

• Minimum 18 years of age

• Maximum age of 60 on the date of funding

• Minimum income of Rs. 1.50 lakh per annum

• A telephone line (Owned, PP Landline or Mobile) is mandatory

• Good CIBIL score

Tractor loan documents

Before applying for a tractor loans in India make sure you have valid and required documents. Documents are very important in the loan process of agricultural tractors. Documents help the bank to track the important information regarding you and if you can repay the loan. Here we will show you the complete process of how to get a loan for a tractor in India? The used and new tractor finance process is mentioned below. 

• Photograph - Latest Colour Photograph

• Identity proof (Any One) - Voter ID Card / PAN Card / Passport / Driving License / Aadhar Card / Govt. issued document + Photograph / Bank Sign Verification + Photo

• Age Proof (Any One) - Voter ID Card with Date of Birth / PAN Card / Passport / Driving License / Aadhar Card / Govt. issued document with date of birth / Marks Sheet with date of birth

• Sign Verification (Any One) - PAN Card / Driving License / Passport / Bank Signature Verification

• Ownership Proof (Any One) - Electric Bill / Tax Bill / Water Bill / Possession Letter + Utility Bill / Power of Attorney + Utility Bill / Index copy + Utility Bill

• Income Proof - 7/12 & 8A Extract (In case of agricultural use)/ Work Order / Contract Copy (In case of commercial use)/ RC Book copy of existing vehicle (In case of commercial use)/ ITR & Financials of last 2 years

• Bank Statement - Last 6 months Bank statement of all bank accounts

There may be additions to the list of documents based upon the bank that you choose. 

Tractor loan-EMI calculator

Before getting an agricultural tractor loan you have to know the EMI i.e Equated monthly instalments. These instalments vary based upon various factors. These factors are the Principal amount, tenure of loan, and interest rate. You should know the EMI of the loan before signing any papers. This will help you to plan your finances better. 

Why choose TractorGuru?

TractorGuru is the best loan service platform for farmers in India. We provide loans from more than 50 financers all over India. We help you to process loans without any collateral and even at the lowest interest rates. To apply for a loan contact us through the button given below.