Multiple banks. Different interest rates. Call it a "conflict of interest".
  • Tractor Loan is Rated as "Great!" by 99523 Users

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    Tractor Loan

    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.

    Eligibility criteria for Tractor Loan

    Banks have different eligibility criteria for tractor loans but here are the most common ones:

    • Any individual or group of individuals which includes JLGs/SHGs, institution or organization are eligible.
    • They must have sufficient income to able to repay the loan.
    • Ideally borrower or the borrowing body should possess a minimum land holding of 2 Acres.

    Features for Tractor Loans to Look Out For

    • The margin percentage is important to note, which in most cases start from 15%.
    • Primary security of the loan is the hypothecation of Tractor and its accessories.
    • Insurance must be taken for the tractor with the same or any other bank as it is an automobile and in India it is mandatory for all automobile owners to have an insurance.
    • There may also be a collateral security which may be mortgage of landed property valued equivalent of 100% of loan value.

    Financial Specifics of the Tractor Loan

    • The interest payable on the tractor loan amount is generally 12% per annum or more.
    • People who are able to repay punctually can even sometimes further concessions such as State Bank of India gives a further concession of interest @1.00% by way incentive will be extended to the borrower and 0.50% to the tractor dealer as a reward to prompt payments.
    • Upfront fees may include 0.5% of loan amount.
    • Repayment is calculated in the form of monthly installments.
    • Loan is repayable in equated monthly installments generally for a period of 5 years that includes a grace period of 1 month.
    • Post-dated cheques is also an option for repayment.
    • For example if the tractor loan amount is Rs 1 lakh the EMI would come to around Rs 2,225.

    Tractor Loan Reviews

    • Bank Bazaar Personal Loan
      "Best service"
      0.5 4.0/5 "Great!"
      I came to know about bank bazaar service through on line,like i was checking for my credit report and i have applied through it, and i am happy with their service, i have been using this bank bazaar service beyond one year, and i have been using mobile application it is user friendly application.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 16, 2019
    • Tata capital Personal Loan
      "Average service"
      0.5 3.5/5 "Pretty good"
      I have applied for Tata capital for an personal loan .Their was clear misunderstanding between the bank, like i have applied for 2,50,000 as an personal loan and they thought i am asking for an top up so they have given me just 1,50,000 ,and 1,00,000 they took as closure of that loan, and the rate of interest they have charged me 10.99% which was nominal,and even processing fee they have charged me was nominal, and the loan was on time.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 16, 2019
    • IDFC Bank Personal Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      I have taken a personal loan with IDFC bank from last 5 years, the loan amount was for Rs 6 lacs with tenure period of 5 years. Customer service was good and they collected documents on time. The rate of interest was nominal when compared to other banks.
      Was this review helpful? 0
      , mumbai
      Reviewed on Feb 16, 2019
    • Citibank Personal Loan
      "Instead of top up they can provide new loan"
      0.5 4.0/5 "Great!"
      CITI bank personal loan have only top up facility. The interest rates were fair and the processing fee was 1% which is good. They have sanctioned the loan within few hours. I have not faced any issues in this loan. Total tenure period of the loan is 14 months.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 16, 2019
    • HDFC Bank Personal Loan
      "Reduce the interest rate"
      0.5 5.0/5 "Blown Away!"
      HDFC interest rates are more compared to other bank but we can able to get the loan in seconds by using their app. The service has been fantastic. They have offered me a rate of interest which is 11% but they have increased upto 17% which is showing in the app and they are providing the loan without any documents.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 16, 2019
    • RBL Bank Personal Loan
      "Friend in need"
      0.5 5.0/5 "Blown Away!"
      RBL personal loan services are fantastic. The loan is getting over in few months. They have sanctioned the loan immediately and they have given me loan amount of my credit limit. Total tenure period of the loan is 12 months. Interest rates are fine and processing fee was 2% which is too high. I never had any issue with them.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 16, 2019
    • HDFC Bank Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have taken a personal loan with HDFC bank and my experience was good, the loan amount was sufficient and the rate of interest was nominal when compared to other banks. Customer service was good and they responded on time. Tenure period for this loan is 5 years and i preclosed the loan in 3 years with nominal preclosure charges.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 15, 2019
    • review Personal Loan
      "Not satisfied with the service "
      0.5 1.0/5 "Really Bad"
      Based on my previous experience with Bajaj for consumer loan based on that i have taken personal loan where they given some high rate of interest than what they promised for. They have high charges for the processing and documentation . Overall am not happy with their financial service.
      Was this review helpful? 0
      , chennai
      Reviewed on Feb 15, 2019
    • ICICI Bank Personal Loan
      "Best financial Service"
      0.5 5.0/5 "Blown Away!"
      I have taken personal loan from Icici bank . Am satisfied with the rate of interest which they have provided . There is processing fees for the loan which is nominal one and its been refunded . I make the payments through Ecs every month . They gave the tenure period of 2 years . They did quick documentation and received the loan.
      Was this review helpful? 0
      , chennai
      Reviewed on Feb 15, 2019
    • HDFC Bank Personal Loan
      "Best financial Service "
      0.5 5.0/5 "Blown Away!"
      I Have taken personal loan from the Hdfc bank , they have given good rate of interest which is satisfactory . There is nominal charges for the processing for approval and documentation . Am satisfied with the customer service as they have explained the terms and condition for the loan .
      Was this review helpful? 0
      , chennai
      Reviewed on Feb 15, 2019
    • HDFC Bank Personal Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      It was a very good experience i had with this loan where the process in getting this loan was quite simple. The loan amount was sufficient and the interest rate with them has been nominal as well. There has not been any sort of additional charges which they had made so far. Overall it had been a very good experience.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Feb 15, 2019
    • ICICI Bank Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I had applied for ICICI personal loan and to get my application processed it took only 7 days .Loan amount was credited with in an hour. It was a super fast loan application process with zero documentation. The tenure period is 4 year and i am happy to have their services .
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Feb 15, 2019
    • Fullerton Personal Loan
      "Interest should come down"
      0.5 2.0/5 "Expected more"
      Fullerton gave me the 28% of interest rate duration for the amount of five years, the loan amount was around Rs. 2.11 lakhs, the process was easy, concern about the interest, they should reduce the percentage as per the market. But the customer satisfactory is not good.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Feb 15, 2019
    • ICICI Bank Personal Loan
      "Nice experience"
      0.5 5.0/5 "Blown Away!"
      I have taken a personal loan from ICICI Bank and the process to get the loan is good and smooth. The customer services and response is good and the documentation process is satisfactory too. The after loan services are good and the interest rate and charges is fine too.
      Was this review helpful? 0
      , new delhi
      Reviewed on Feb 15, 2019
    • HDFC Bank Personal Loan
      "Quick and Hassle free loan experience"
      0.5 5.0/5 "Blown Away!"
      Being a customer I got the attractive interest rate of 10.5% on my personal loan, I took the loan of Rs. 20 lakhs for the tenure period of Rs. 5 lakhs, I went to the bank I approached for the loan products on time they sanctioned within a day I got the money.
      Was this review helpful? 0
      , lucknow
      Reviewed on Feb 15, 2019
    • Axis Bank Personal Loan
      "Need improvement on statement"
      0.5 5.0/5 "Blown Away!"
      I think 4 to 5 months I have been using AXIS card,the procedure was very simple to avail the card, I received the card on time, the customer service is genuine and they are explaining keen about the billing, its a life time free card. But I have not received the bank statement only I used get the sms.
      Was this review helpful? 0
      , lucknow
      Reviewed on Feb 15, 2019
    • Axis Bank Personal Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      It has been an excellent experience i had with them in getting my personal loan through them and they are one the best banks in getting the personal loan. The process has been simple and the loan amount has been sufficient as well. There has not been any foreclosure charges of part payment charges which they had made as well.
      Was this review helpful? 0
      , chennai
      Reviewed on Feb 15, 2019
    • HDFC Bank Personal Loan
      "Very Good Service"
      0.5 4.0/5 "Great!"
      It was a very good experience i had with the services of them where the process in getting this loan was very quick and simple. The loan amount was sufficient and the interest rate with them has been nominal as well. There has been foreclosure charges with them, their customer support has been helpful at times.
      Was this review helpful? 0
      , chennai
      Reviewed on Feb 15, 2019
    • Bank Bazaar Personal Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      Bankbazaar has a quick process for personal loan and credit cards. Past 2 years, i have been using this website. Through online, i have come to know about the website. Totally its a paperless process. Support team has given me a proper guidance regarding the loan process.
      Was this review helpful? 0
      , chennai
      Reviewed on Feb 15, 2019
    • HDFC Bank Personal Loan
      "Good Loan service"
      0.5 5.0/5 "Blown Away!"
      There is no particular reason for choosing the HDFC but i have received a message stating that its a pre-approved loan. They have offered me a interest rate of 17% which I'm not satisfied with it. I paid the processing fee of Rs. 3000 and they have sanctioned the loan on time. Since i related with HDFC, i have not submitted any documents except ID proof.
      Was this review helpful? 0
      , chennai
      Reviewed on Feb 15, 2019
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