Tractor Loans available for farmers and non farmers to buy new or pre-owned tractors!
Tractor Loans made easy with simplified documentation & speedy approvals.
- Loan available with or without additional security collateralCollateral is a necessary element that a recipient has to keep with him to get a loan. Securities can also be used as collateral.
- Ease of documentation
- Faster turn around time
- Hassle free transaction
- Lower Interest rates offered
- Caters to all segments ie, farmer & non farmer
Why take a Tractor Loan from HDFC Bank?
Whatever be your need we have a loan for you. Over the years we have won the trust of our customers and have become market leader in loan products.
Enjoy triple benefits when you take a Loan from HDFC Bank:
- Faster loan - Our loan sanction and disbursal is one of the quickest with easy documentation and doorstep service.
- Competitive pricing – Our loan rates and charges are very attractive
- Transparency – All charges are communicated up front in writing along with the loan quotation
Features and Benefits of Tractor Loans
Do you want to upgrade your farming vehicle but are short of funds? Are you looking for tractor loans that can give you maximum funding at great rates of interest? Choose HDFC Bank's Tractor Loan to fulfill your agricultural needs.
- Tractor Brand: Were you thinking of buying a tractor for getting better yields of crop? Go right ahead. As far as your chosen tractor is made by any reputed tractor manufacturer in India, it will be eligible for a loan.
- Loan amount: Are you looking to maximize funding options for your tractor purchase? You can get as much as 90% finance on your favourite tractor through this loan.
- Repayment: Pay back your loans within a period of 12 to 84 months. You can use post dated cheques (PDC) or cash collection as preferred repayment methods.
- Quick processing: We are known for our speedy processing times and hassle free documentation.
- Tractor Plus: You can get finance on the first year or combined finance on the first, second and third year along with motor insurance premium with Credit Shield. What is "Credit Shield" you ask? It means that we will cover the insurance for accidental death or permanent total disability of the customer along with amount equivalent to the outstanding in loan account. Get in touch with us to know more about this scheme NOW!
Eligibility and Documentation of Tractor Loans
Get details on eligibility criteria & documents required for HDFC Bank Tractor Loans
Both farmers and non-farmers can apply for this loan. Their eligibility criteria are as follows:
The documents required for getting a Tractor Loan are as follows:
Tractor Loans Interest Rates & Charges
Enclosed below are HDFC Bank Tractor Loans Interest Rates & Charges
Here is an exhaustive list of all the fees and charges to be paid for the Tractor loan:
|Description of charges||Tractor Loans|
|Pre-payment Charges*||4% if before 12 months from date of disbursementDisbursement of loan means the delivery of the loan funds by the bank to the applicant of the loan. 2 % if after 12 months from the date of disbursementDisbursement of loan means the delivery of the loan funds by the bank to the applicant of the loan.|
|Stamp Duty||At actuals|
|Late Payment Penalty||2% per month on unpaid instalments|
|Processing fees*||2% of Loan amount|
|Loan cancellation / re-booking charges||In the event of cancellation, only interest will be borne by the customer, no additional charge to levied.|
|Cheque Bouncing Charges*||Rs. 450 /- per instrument per instance|
|Legal, Repossession & Incidental chargesIncidental charges are those expenses that are not budgeted or specified but are incurred by the bank on behalf of the customer.||At actuals|
|Documentation Charges ( For Agri Mortgage Cases)||Rs. 1500/-|
|CIBIL Charges (only on request)||Rs. 50/-|
* Loan Processing fees, Documentation charges & Stamp DutyA tax levied on documents, stamp duty applies to documents like cheques, receipts, licenses and transaction records. is non-refundable.
*Charges which are in nature of fees are EXCLUSIVE of service tax.
Service tax and other government levies, as applicable, would be charged additionally.
Do you want to repay the loan earlier than the due date?
If you want to repay your loan earlier than the due date, feel free to do so.
Can I pre-pay the entire loan amount?
Yes, you will have to pay a pre-payment fee of 4% if you pay your entire loan before 12 months from the date of disbursementDisbursement of loan means the delivery of the loan funds by the bank to the applicant of the loan.. You will have to pay a pre-payment fee of 2 % if you pay your loan after 12 months from the date of disbursementDisbursement of loan means the delivery of the loan funds by the bank to the applicant of the loan..
Is a guarantor required?
You will require a guarantorA guarantor is a person who guarantees payment by another. A guarantor becomes a co-endorser and assumes liability in event of default. in all cases except certain segments where you have offered agricultural land as additional collateralCollateral is a necessary element that a recipient has to keep with him to get a loan. Securities can also be used as collateral..
Can I get a tractor loan for any tractor I want to purchase?
If your tractor is made by a leading automobile manufacturer in India, you can get a loan.
Who is eligible for a tractor loan?
Whether you are a farmer or not, you can avail HDFC Bank's Tractor loan for agricultural or commercial purposes. If you are a farmer, you must have a minimum of 3 acres of agricultural land.
To know about the eligibility criteria in detail, click here.