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Tractor Loan/Finance/Refinance
AXIS BANK
Introduction
Axis Bank brings you the best deals in the market and a range of attractive features on loans for tractors. As part of its Agriculture Loans portfolio, Axis Bank offers Tractor Loans with flexible repayment options, quick and easy sanctions, special benefits and much more. These hassle-free loans for tractors come with zero foreclosure charges which makes them even more beneficial for customers. To avail Axis Bank’s Tractor Loans, you need to fulfill the Tractor Loans eligibility criteria. One of the main criteria to avail the Tractor Loan is minimum 3 acres of land holding for farmers.
FEATURES & BENEFITS OF TRACTOR FINANCE
- Customized Loans
- Flexible Repayment Options Monthly Quarterly Half-Yearly
- Monthly
- Quarterly
- Half-Yearly
- Easy and Quick Documentation
- Doorstep Service
- Hassle-Free Loans
- Maximum 90% Loan
ELIGIBILITY OF TRACTOR FINANCE
- Minimum age of applicant should be 18 years
- Maximum age of applicant should be 75 years as on date of funding
- Minimum 3 acres of land holding for farmers
DOCUMENTS REQUIRED FOR TRACTOR FINANCE
- Duly filled and signed application form
- KYC documents
- Proof of land ownership, where ever applicable
- Income documents, where ever applicable
- Performa invoice / quotation
INTEREST RATE & CHARGES FOR TRACTOR FINANCE
Interest Rate
Effective Rate 17.50% - 20.00%
Cheque Bounce / Instrument Return Charges
Rs 500/ Instance
Cheque / Instrument Swap Charges
Rs 500/ Instance
Duplicate Statement issuance charges
Rs 500/ Instance
Duplicate Repayment Schedule issuance charges
Rs 500/ Instance
Duplicate No Dues Certificate / NOC
Rs 500/ Instance
Penal Interest
2% per month
Loan cancellation / Re-booking
Rs 500/ Instance
Stamp Duty
On Actuals
Issuance of Credit Report
Rs 50/ Instance
Foreclosure Charges
4% for the entire tenure
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Frequently Asked Questions About Tractor Loan/Finance/Refinance
A tractor loan is a type of financing provided by banks or financial institutions to help farmers and buyers purchase a tractor. It allows you to pay the cost in easy installments instead of a lump sum.
Tractor Loan interest rate starts from 9.00% p.a and goes up to 20.00% p.a.
Some commonly required Documents for a new tractor loan are address proof, age proof, identity proof, ownership proof, etc and required documents for a tractor loan vary from bank/FI to bank/FI.
For tractor finance credit score of more than 680 is required but in some cases applicant credit score as low as 520 is also able to get a tractor loan.
Yes, you can pay the tractor finance through EMIs on a monthly, quarterly, and half-yearly basis.
No, you don't have to mortgage land to get a tractor loan.
There is no fixed minimum-maximum amount for tractor loan. Tractor loan amounts can be customized to suit your individual needs.
The maximum loan amount that you can get is 90% of the total tractor price.
Best banks for tractor finance are SBI Bank, HDFC Bank, Kotak Mahindra Bank, Central Bank of India, Axis Bank, bank of Baroda, IndusInd Bank, ICICI Bank, and more.
Tractor loan tenure varies from 12 months to 84 months.
