Apply for Tractor Loan Online
Modernise your farming equipment with easy tractor loans
Check out our Tractor Loan Offer
Tractor Loan Features
Loan amount
• Get up to 90% of the tractor cost
Interest rates
• Enjoy highly competitive interest rates and processing fees
Tenure
• Get a loan with repayment in 12 to 60 months
Loan processing
• Enjoy hassle-free documentation and speedy disbursal
• Flexible Repayment Options
• Types of Loans
- Loans for purchase of New / Old Tractors & Farm Equipments
- Loans available Without Land Mortgage and with Land Mortgage
- Loans available basis Registration Certificate / Repayment Track Record / Income Proof
Insurance
• Insurance Coverage (Asset Insurance and Life Insurance)
*Credit Shield is an insurance policy that will cover your outstanding loan against accidental death or permanent disability
Tractor Loan Eligibility
Criteria
• Minimum age - 18 years
• Maximum age - 60 years
• Minimum Annual Income : ₹ 1 lakh (for Farmers) & ₹ 1.5 lakhs (for Commercial segment)
Tractor Loan Fees & 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 |
|---|---|
Processing Fee * | Upto 2% of Loan Amount |
Premature closure charges* | 6% - if within 6 months from the date of disbursement on the principal outstanding |
4% - After 6 months and before 12 months from the date of disbursement on the principal outstanding | |
2% - After 12 months from the date of disbursement on the principal outstanding As per BCSBI guidelines, for borrowers classified as Micro and Small Enterprises(MSE) NIL Premature Closure Charges will be applicable for all floating rate loans and for Fixed rate loan facility up to Rs. 50 Lakh, closure to be from Own funds. For MSE customers, 2% takeover charges will be applicable in case of takeover of the loan by another Bank / Financier. Bank reserves the right to enquire or ask the documentary proof of source of funds for closure request of loans. | |
Loan cancellation | In the event of cancellation, Interest charges will be borne by the customer. Processing Fee, Stamp Duty and RTO charges are non-refundable charges and would not be waived/refunded in case of loan cancellation. |
Delayed instalment payment charge | 1.50% per month (18% p.a.) plus applicable government taxes on overdue instalment amount. |
Legal, Repossession & Incidental charges | At actuals |
Stamp Duty & other Statutory Charges | As per applicable law |
CIBIL Charges (only on request) | Rs. 50/- per instance |
Duplicate No Due Certificate / NOC | Rs. 500/- per Instance |
Duplicate Amortization Schedule Charges | Rs 200/- per schedule |
Cheque / ECS / SI Swap Charges | Rs. 500/- per Instance |
Collateral & ACH Documentation Charges * | Rs. 750 per case |
Loan Reschedulement / Re-booking charges | Rs. 1000/- |
Cheque / ECS / SI / NACH Return Charges * | Rs. 550/- per Instance |
Documentation charges (For Agri Mortgage and Used Tractor Valuation Cases) * | Documents Charges(For Agri Mortgage -Rs 1500 and For Used Tractor Valuation Cases - Rs 1500) |
Note : * Where ever notified GST and other government levies, as applicable, would be charged additionally at the applicable rates.
Average Rates offered to customer during the period of Jan to Mar 2024
Bank IRR | ||
|---|---|---|
Min IRR | Max IRR | Avg IRR |
| 8.99% | 24.00% | 14.92% |
Annual Percent Rate(APR) offered to customer during the period of Jan to Mar 2024
Bank APR | ||
|---|---|---|
Min APR | Max APR | Avg APR |
8.99% | 24.01% | 14.92% |
* Exclusive of GST
Tractor Loan Documentation
• Identity Proof : Any one of Voter ID / PAN Card / Driving License / Passport / Aadhaar* (*with customer consent)
• Address Proof : Any one of Voter ID / Driving License / Passport / Aadhaar* (*with customer consent)
• Proof of Signature Verification : Any one of Passport / DL / PAN Card / Bank Verification / Tehsildar Certificate
• Any one of the following
• Income Proof : Bank Statement ; ITR of Last 2 Years
• RC of existing asset / Repayment Track Record (wherever applicable)
• Land Ownership Proof (wherever applicable)
• Salary Proof (wherever applicable)
*Note: This is an indicative list and additional documents may be required on case to case basis
Tractor Loan FAQs
| 1. | What is the rate of interest for Tractor Loan |
| HDFC Bank keeps the needs of farmers and business owners in mind and offers Tractor Loans at reasonable and highly competitive interest rates. To learn more about the interest rates applicable on Tractor Loans, click here. | |
| 2. | What is the maximum amount offered for a Tractor Loan? |
| HDFC Bank aims at reducing the financial burden of making the heavy investment of purchasing a new tractor. Thus, with our Tractor Loan, you can avail funds that go as high as 90% of the total value of the vehicle you are buying. | |
| 3. | What type of loan is a Tractor Loan? |
| Generally speaking, Tractor Loans are agricultural loans since they vehicle are primarily used in that sector of the economy. However, you can also purchase a tractor for using in your business operations. They are also considered to be term loans as the borrowed amount has to be repaid within a specific period of time. | |
| 4. | What credit score is needed to finance a tractor |
| Credit score is a criteria considered by most lenders while approving Tractor Loan approvals. Usually, a credit score of 680+ is considered to be healthy enough. However, in certain cases, even applicants with scores as low as 520 have been able to avail of tractor financing. It is best to check with the lender in question with regards to your specific situation to get a clearer picture |