Multiple banks. Different interest rates. Call it a "conflict of interest".
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    Tractor Loan

    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    12.50% - 19.50% Fixed
    0 One time fee
    25L Max
    1-5 years
    Response Time Within 30 minutes
    Paperless approval option available Get Goibibo goCash worth Rs 5,000
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    Perks
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    Fees & Charges
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    Eligibility Criteria
    Customer Reviews
    12.50% - 19.50% Fixed
    ₹0 One time fee
    25L Max
    1-5 Years
    Response Time Within 30 minutes
    Get Goibibo goCash worth Rs 5,000 Paperless approval option available
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    15.95% - 18.95% Fixed
    2% One time fee
    20L Max
    1-3 years
    Response Time Within 30 minutes
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    11.49% - 20.15% Fixed
    Up to 2%
    15L Max
    1-5 years
    Response Time Within 30 minutes
    What you'll love
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    Perks
    Think about
    Fees & Charges
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    13% - 20% Fixed
    1.5% (min. ₹1150) One time fee
    15L Max
    1-5 years
    Response Time Within 30 minutes
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    11.49% - 17% Fixed
    0.25% to 2%
    30L Max
    1-5 Years
    Response Time Within 30 minutes
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    11.99% - 19% Fixed
    0.25% to 2.5% One time fee
    25L Max
    1-5 years
    Response Time Within 30 minutes
    Paperless approval option available Get Goibibo goCash worth Rs 5,000
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    12.99% - 19% Fixed
    0.50% to 2.5% One time fee
    20L Max
    1-5 years
    Response Time Within 30 minutes
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    17.25% - 37% Fixed
    1.5% to 6.0% One time fee
    15L Max
    1-4 Years
    Response Time Within 30 minutes
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    11.99% - 17% Fixed
    0
    30L Max
    1-5 years
    Response Time Within 30 minutes
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    11.49% - 18.49% Fixed
    2.5% (min. ₹1149) One time fee
    20L Max
    1-5 Years
    Response Time Within 30 minutes
    Get Goibibo goCash worth Rs 5,000 Paperless approval option available
    What you'll love
    Documents
    Perks
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    Fees & Charges
    Good to Know
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    DOCTORS LOAN
    12.99% - 14.50% Fixed
    0.99% to 2% One time fee
    45L Max
    1-5 years
    Response Time Within 30 minutes
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
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    Customer Reviews
    Personal Loan BYTES FROM OUR KITCHEN

    How to get 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.
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