| Must be a farmer or individual with agri usage |
| Must have proof of income and proof of land holding |
| A good CIBIL score determining the creditworthiness in eye of lenders |
Duly filled application form with borrowers, co borrowers and guarantors photographs
ID proof, address proof and signature verification of the borrower as well as guarantor
Land documents as applicable and records of past loans availed if any
Buying a new tractor is a major investment for farmers, and tractor loans are designed to ease this financial burden. The ideal loan should offer competitive interest rates, a high funding percentage, minimal paperwork, quick processing, and flexible repayment options to suit your needs.
You can get a new tractor loan with a longer repayment cycle. You can also get flexibility in the repayment terms. Thus, you get enough time to repay your loan amount in easy EMIs as you desire.
New tractor loans are available at a range of attractive interest rate. The exact interest rate could vary depending on the lender and your credit score.
You may get a funding of upto 90% of the tractor cost. Thus, you can get a new tractor with a minimum down payment.
Look for loans with hassle-free documentation with a quick disbursal process. Get the required documentation ready to avail quick approvals for your tractor loan.
Based on your CIBIL score and overall credit profile the tenure of the loan and the interest rates can vary.
The eligibility norms for taking a tractor loan are very simple. Following are the general eligibility norms for a new tractor loan:
Depending upon your CIBIL score and documents, the loan-to-value (LTV) ratio varies from 60% to 90%. However, the final loan value will vary from lender to lender / bank to bank.
Tractor loan application generally require minimal documentation which are:
The bank / lender provides you with a detailed list of documents that are needed to complete your application
The loan application process varies from lender to lender. To apply for a tractor loan, you need to provide your basic details such as name, contact number, date of birth and along with this submit the documents mentioned above.
The documents required for a tractor loan includes; (i) duly filled application form with borrower's photographs, (ii) land documents as applicable and records of past loans availed, if any, and (iii) ID proof, address proof and signature verification of the borrower.
An average CIBIL score of 500 – 900 is needed to get a tractor loan from any lending partner.
The interest rate on tractor loan varies from person to person depending on your credit score and amount of loan needed.
The minimum age required for tractor loan is 18 years.
