Here, tractor loans are available for all kinds of tractors and used tractors as well. Its interest rates vary between 8% to 20% relative to CIBIL and Collaterals. Let’s check the procedure for getting a tractor loan.
Tractor Loan Eligibility For Farmers
Farmer’s income should be a minimum of Rs. 1 lakh per annum with a minimum of 2 acres of agricultural land. There should be residential stability of 2 years with a good CIBIL score.
Tractor Loan Eligibility For Commercial Customers
Their income should be a minimum of Rs. 1.50 lakh per annum with a telephone line (Owned, PP Landline or Mobile) which is mandatory and good CIBIL score.
Tractor Loan Documents
Photograph, Identity proof, Age Proof, Sign Verification, Ownership Proof, Income Proof and 6 months bank statement.
Tractor Loan Emi Calculator
Before getting the tractor loan or signing the paper, you can check your EMIs with the EMI calculator. It will help you to calculate the principal amount, tenure of loan, and interest rate.
Tractor Loan Banks
Here you can get the major financers such as TVs Credits, SK Finance, HDFC Bank, SBI Bank, Kotak Mahindra Bank, Central Bank of India and many more.