Tractor loan

New/Used Tractor Loan

Drive Your Farm Forward with Tractor Loans

Access easy and affordable financing to buy or upgrade your tractor, with flexible repayment options, low interest rates, and quick approvals to support your agricultural growth.

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Tractor Loan

A Tractor Loan is a type of financial assistance provided by banks, non-banking financial companies (NBFCs), and other lenders to help farmers and agricultural businesses purchase a new or used tractor. The loan covers a major portion of the tractor’s cost, and the borrower repays the loan in installments over a specified period.

 

Features and Benefits of Tractor Loan

  • Affordable Financing for Farmers
    Tractor loans make it possible for farmers to buy tractors without paying the full amount upfront, helping them invest in modern equipment to boost farming efficiency.

  • Lower Interest Rates
    Since the loan is secured against the tractor, lenders often offer competitive and lower interest rates compared to unsecured loans, making repayments more manageable.

  • Flexible Repayment Tenure
    Repayment periods typically range upto 5 years, allowing farmers to choose a schedule that suits their income and cash flow from farming activities.

  • Subsidy and Government Support
    In many regions, governments provide subsidies or incentives on tractor loans to promote mechanized farming, reducing the overall cost of the equipment.

Tractor Loan Eligibility

The fundamental requirements for qualifying for a home loan include:

Age: 

  • You must be above 21 years of age at the time of the commencing of your loan, and up to 65 years or less at loan maturity
  • Salaried Person – 21 years to 58 years
  • Self-Employed Person – 21 years to 65 years

Income

  • Minimum 2 acres of agricultural land or business proof

Credit Score

  • A credit score of 650 is considered a good score for approval.

Required documents for Tractor Loan

Income Proof Documents

 

  • Aadhar Card
  • Pan Card
  • 6 Month Bank Account Statement
  • agricultural land or business proof
  • Cheques
  • Quotation (if new tractor)
  • Tractor RC (if old tractor)
  • Insurance (if old tractor)

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