Agricultural term loans are generally sanctioned for purchase of new tractors, accessories and implements used for the industry, mainly by farmers. However, tractor loans in particular, can be Eligibility for used by individuals or a group of farmers to purchase a tractor and pay it off together in case in a group or individually through EMIs. This is generally a Secured Loan like any other car loan, i.e. in case of failure of payments the tractor will be taken away from the loan seekers or individuals.
Banks have different eligibility criteria for tractor loans but here are the most common ones:
Features for Tractor Loans to Look Out For