HDFC Bank Tractor Loan
Overview about HDFC Tractor Loan
The HDFC Tractor Loans is an initiative for the bank to provide finance to the farmers of the country to purchase new or even pre-owned tractors. The farmers have the ability to now get finance to meet their agricultural needs with a tractor that they require. The loan will be sanctioned and disbursed in quick and efficient manner, the documentation involved is also extremely simple and also the bank provides you with the loan in a quick turnaround time.
Where is the purpose of HDFC Tractor Loans?
The HDFC Tractor Loans will provide finance to the farmers of the country to purchase new or even pre-owned tractors, to help them meet their agricultural needs with a tractor that they require
What is the eligibility criteria for HDFC Tractor Loan?
Both farmers and non-farmers can opt for this loan, the eligibility criteria is as follows:
- Both farmers and non-farmers: Will need to be at least 18 years of age and should be no older than 60 years before the loan is disbursed.
- Farmers should have at least Rs. 1 lakh income per annum
- Non-farmers should have at least Rs. 1.50 lakh income per annum
- Farmers should have at least 3 acres of land which they use for agricultural purposes.
- Non-farmers should have a telephone which is mandatory. It can be a landline, mobile.
What are the types of financing available?
The loan will be available to purchase new or even pre-owned tractors, to help them meet their agricultural needs with a tractor.
What is the maximum amount of loan I can avail?
The amount of loan would be given to purchase the tractor.
What is the rate of interest on HDFC Tractor Loans?
The average rate of interest offered for the applicant in the time period of July 2015 - September 2015, will be minimum rate being 9.45% with a maximum rate of 15.85%. The accounts will be exclusive only for accounts under government scheme.
What are the documents required for HDFC Tractor Loans?
Documents required will be as mentioned below:
- Both farmers and non-farmers: Will need to provide their proof of identity, it can be a driver’s license, passport, pan card.
- Farmers should provide the latest land records not dated later than 3 months
- Non-farmers should provide their bank statements for the last 6 months
- Both farmers and non-farmers : Will need to provide their proof of address as well, farmers can provide, Copy of land extracts, Akarni Patrak / Property card / tax receipt /Talati or Patwari etc, while Electricity bill / municipal tax receipt / Society bill / Agreement Copy / telephone bill will suffice for non-farmers.
- Both farmers and non-farmers : Will need to provide their signature proof as well, it can be a driver’s license, passport, pan card or even a self-affidavit with photograph of customer and signature across duly notarised
What are the terms for HDFC Tractor Loans?
The charges available are:
- Supervision charges will be in the range Rs. 500 - Rs. 2, 000.
- Processing Fees of 2% of the loan amount
- Pre-payment charges of -4% if within 12 months, and -2% if after 12 months
- Late payment charges up to 2% per month on unpaid installments.
- Service tax and other government levies, as applicable, would be charged additionally.
How do I apply for this loan?
Application process for this loan is very simple, all you need to do is fill in a loan application form with supporting documents and submit it to the nearest HDFC Bank branch. You can also apply for this loan via the HDFC Bank website by submitting an online application form with a few mandatory details.
Can I apply for HDFC Tractor Loans online?
Online application is available for the HDFC Tractor Loan, all you need to do is login to the HDFC Bank website by submitting an online application form with a few mandatory details.