ICICi Bank- Tractor Loan

ICICI bank offers easy and hassle free tractor loans for first time buyers/tractor owners having agricultural land.


  • Easy loan procedure
  • Quick processing
  • Repayment period up to 5 years
  • Flexible repayment options
  • Fixed Rate of Interest throughout the tenure
  • Non- mortgage loan available
  • Low processing fee
  • low Interest Rate


  • Minimum 3 acres of land in the name of borrower
  • Agriculture income is being considered for eligibility calculation
  • Commercial Income is being considered for commercial segments


Pre Sanction Documents

  • Filled in application form
  • Two latest photograph of all borrowers
  • Proof for signature verification - Passport/ Driving licence/ Pan card / Bank's verification
  • Identity proof
  • Address proof
  • Constitutional documents 
  • Quotation of tractor issued by dealer to customer
  • Proof of land holding 
  • Land valuation report from empanelled valuer (wherever applicable)
  • Past loan track record of the customer (wherever applicable)

Pre Disbursement Documents

  • Duly executed loan documents 
  • Original Invoice issued by Dealer to customer 
  • Title Search Report from empaneled lawyer (wherever applicable)
  • Margin Money Receipt ( Issued by the dealer to the customer as a token of acceptance to the margin money paid ) 
  • Mortgage Deed in case of registered mortgage (wherever applicable)
  • Comprehensive Insurance Hypothecated to ICICI Bank 
  • Proof of acknowledgment from Sub-Registrar along with declaration from lawyer that he has created charge along with proof of charge creation (wherever applicable)

Service Charges and Fees for Tractor Loans

Description of Charges Charges applicable
Pre Payment Lower of the two options mentioned below:
1) 4% of principal outstanding or 
2) Interest outstanding for unexpired period of loan
Processing fees Up to 4 %
Part Payment Nil *
Duplicate No Due Certificate / NOC* Rs 500 inclusive of Service Tax
Revalidation of NOC charges Rs 500 inclusive of Service Tax
Duplicate Amortisation Schedule Charges* Can be downloaded through Net Banking, Rs 200 from branch
Swapping charges for ECS/Cheque/SI Rs 500 inclusive of service tax
Stamp Duty At actuals
Late Payment Penalty 2% per month on unpaid installments
Legal, Repossession and Incidental charges Incidental charges are those expenses that are not budgeted or specified, but are incurred by the bank on behalf of the customer. At actuals
Loan Cancellation Charges In the event of cancellation, interest on cancellation to be paid by  customer, Rs. 1,000 along with processing fees
Cheque bounce charges Rs 250 inclusive of Service Tax
Statement of account Rs 200 from branch inclusive of Service Tax
Foreclosure statement charges Rs 100 from branch inclusive of Service Tax



1) Service Tax and other Govt. taxes, levies etc. applicable as per prevailing rate may be charged over and above these charges at the discretion of ICICI Bank.

2) The charges or fees given above are subject to change and the one recorded in the agreement will be binding over the above

3) Effective for loans availed from August 10, 2009. For loan availed prior to the said date, the cheque return charges is Rs. 200

4) Interest Reset Clause: Applicable


Interest Rate Range for Tractor Loan

Type of credit facility Max Min Mean
Tractor / Paddy Harvester 19.30% 12.50%* 16.25%



1) The range of interest provided above is with respect to individual loans disbursed during Quarter II - FY: 2016

2) The rate of interest is also based on the quality of assests being funded and its resale value in the market

3) It excludes subsidy and government schemes

4) Mean rate - Sum of the rate of all loan accounts / Number of loan accounts

Annual Percentage Rate (APR) calculation

The Annual Percentage rate calculator is provided to compute annualised credit cost, which includes interest rate and processing fee.

The APR calculator does not include charges like stamp duty, Prepayment charges etc.

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