Top Indian Banks Providing Tractor Loans to Farmers at Cheap Interest Rates

Top Indian Banks Providing Tractor Loans to Farmers at Cheap Interest Rates – FinanceTillEnd

Top Indian Banks Providing Tractor Loans to Farmers at Cheap Interest Rates

You can take a loan from banks and other financial institutions to buy a tractor. If you want one, then you need to know that the interest rates start at 9% per year. You will have to pay a processing fee of .5%. The term of repayment will be up to seven years.

SBI New Tractor Loan Scheme

People who want to buy tractors or related equipment can get a loan from the State Bank of India. It is open to people, groups of people, institutions, and organizations.

Benefits:

  • To be able to get this loan, you need a good job. You need money that will always come in every month.
  • To get this loan, you need to put your tractor and the things that go with it as a guarantee.
  • You can use 15% of what you make for profit.
  • After you take out a loan, you have to make sure you have all the things that are needed for farming.
  • Lenders charge an advance fee of 0.5% of the loan amount.

ICICI Tractor Loan

ICICI Bank might give people with agricultural loans a loan on tractors. The bank will look at your income to see if you can repay the loan. You need to own at least 3 acres of land to be eligible for this loan.

Benefits

  • The lender charges a low rate of interest. And they charge a 4% processing fee.
  • Different people can borrow money from a bank, credit card company, or another person.
  • If you owe $100 and the interest rate is 4.72% then you will owe $4.72 for the remaining loan term.
  • You might also need a non-mortgage loan.

Axis Bank Tractor Loans

Axis Bank offers tractor loans with low-interest rates. They have a repayment plan that you can pick. You can make monthly, quarterly, or bi-annual payments. The repayment period for this loan is up to 5 years long.

Benefits

  • To apply for a tractor loan, you need to be 18 years old.
  • You should be at least 75 years old when you get a loan.
  • This lender has a quick process for documentation. The process is simple, and the lender will help you.
  • The car you buy on loan will need to be put in the bank’s name in order to get the loan.

HDFC Tractor Loans

Farmers and people without farms can borrow money for tractors. The company offers competitive interest rates, and you can borrow the money in 30 minutes.

Benefits

  • The lender has a simple process for getting documents. It is easy to get all the documents they want.
  • The lender offers many ways to repay your loan. You can do it with post-dated cheques, ECS, SI and other methods.
  • People who are interested in borrowing money can borrow up to 90% of the value of our tractor.
  • HDFC Bank offers tractor loans for people to buy tractors. You can get the loan if you have money in your bank account, or if you have something else, like a tractor.
  • Nearly 2% of what you owe on your mortgage is used as a processing fee.
  • You must be 18 years old to receive this loan.
  • Pre-closure fees are the amount you pay before you sell your house. The fee can be up to 6% of the outstanding amount.

Magma Fincorp Tractor Loans

Magma Fincorp is a financial company that gives loans to people who want to buy tractors. People in Telangana, Andhra Pradesh, Maharashtra, Tamil Nadu, Punjab, Madhya Pradesh, Uttar Pradesh, Rajasthan, Kerala, Karnataka or Orissa can apply for loans.

Benefits

  • In rural areas of India, people can borrow money from banks.
  • Repayment schedules for borrowed money can be monthly, quarterly, or half-yearly.
  • The documentation process is easy.
  • Customers who have taken out a tractor loan from our company before do not need to try and give us their farm papers.
  • Loans can be taken out with interest. If you do not pay the money back, the person who loaned you the money will take your house.
  • When someone’s home is about to be foreclosed on, they have to pay 5% of the money that is owed. This is 5% of the money that they owe.

Also Read

What Is an Indifference Curve?

What Is the Advance/Decline Ratio (ADR)?

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