New Tractor Loan in 4 Steps

Get New tractor loan quickly by these 4 steps.

Fill the Form

Fill the Form

These details make the process quick.

Compare Offers

Compare Offers

Choose the best loan offer for you.

Instant Approval

Instant Approval

Get immediate approval from the bank.

Money in your Account

Money in your Account

You can get instant money in an account.

Tractor Loan Translates to a New Way Of Farming!

Introduction to Tractor Loans in India

Tractor loans in India provide essential financial support to farmers and agricultural businesses who are purchasing tractors. Tractors play a crucial role in enhancing productivity and efficiency on the farm, aiding in tasks from planting to transporting crops. However, for many small-scale farmers, buying a tractor can be financially challenging. 

Tractor loans address this issue by offering immediate funds, enabling farmers to access quality and advanced machinery. With the assistance of tractor loans, farmers can improve their agricultural practices, increase crop yields, and ultimately contribute to the nation's food security and economic growth. Also, the Tractor Loan EMI Calculator tool is a perfect way to calculate your tractor loan EMI.

Tractor Loan Interest Rate Comparison

Compare the new tractor loan interest rate below.

Bank Name Interest Rate Loan Amount Loan Tenure
ICICI Bank 13% p.a. to 22% p.a. As per terms and conditions Up to 5 years
State Bank of India 9.00% p.a. - 10.25% p.a. Up to 100% finance Up to 5 years
HDFC Bank 12.57% p.a. to 23.26% p.a.* Up to 90% finance 12 months to 84 months
Poonawalla Fincorp 16% p.a. to 20% p.a. Up to 90% - 95% finance According to bank

New Tractor Loan Eligibility

Check down below eligibility for a new tractor loan.

  • 18 years - Minimum Age
  • 65 years - Maximum Age
  • Income Proof and minimum land holding of 2 acres

Tractor Loan Documents

Documents required for new tractor loan.

  • Land Ownership Proof
  • Address Proof : Aadhaar Card or Any one of Voter ID / Passport / Driving License
  • 3 months bank statement
  • CV 12 months track record
  • Identity Proof : Aadhaar Card or Any one of Voter ID / PAN Card / Driving License / Passport

Tractor Loan Interest Rate All Bank 2024

Leading tractor loan financing firms and their characteristics and rates can assist you in identifying the perfect interest rate option for your tractor loan requirements. Below, we have discussed various tractor loans, and tractor loan interest rates for your convenience. You will find detailed information on SBI Tractor Loan, HDFC Tractor Loan, and Bank of Baroda Tractor Loan here. Tractor Junction has partnered with L&T Finance, HDFC Bank, Kotak Mahindra Bank, and HDB Finance to offer you a range of easy financing solutions to make your tractor purchase smooth and easy.

SBI Tractor Loan

SBI, or State Bank of India, offers tractor loans to farmers and individuals looking to purchase tractors for agricultural or commercial purposes. SBI's tractor loan is available to anyone with at least 2 acres of land ownership. The interest rate starts at 9% onwards. You can also calculate your EMIs on the SBI tractor loan EMI calculator. It has attractive features, competitive interest rates, and flexible repayment options. 

Key Features

HDFC Tractor Loan

HDFC Bank provides tractor loans to farmers and non-farmers, whether they want to buy a new or used tractor. The bank offers an attractive interest rate and fast approval, usually within 30 minutes. It also offers a hassle-free documentation process for applying for an HDFC tractor loan. Check out below to learn more about the Key features:

Key Features

With these features and benefits, HDFC Bank's tractor loan is a reliable and convenient option for individuals looking to purchase tractors for their agricultural or personal needs.

Bank of Baroda Tractor Loan

Individuals and farmers looking to buy new or used tractors can avail of Bank of Baroda tractor loans. To avail tractor loan, a minimum of 2.5 acres of agricultural land must be in the applicant's name.

Key Features

ICICI Tractor Loan

The ICICI tractor loan starts at 13.0%, whereas the ICICI tractor interest rate is 16.%. ICICI also provides an EMI calculator tractor loan to help you calculate EMI, interest rate and eligibility. ICICI Bank offers a tractor loan with eligibility for farmers and non-farmers, financing a certain percentage of the tractor's cost. 

Key Features

Poonawalla Fincorp Ltd Tractor Loans

Magma Fincorp, a prominent financial institution, provides tractor loans for new and used tractors nationwide. The loan service provider serves farmers in Telangana, Andhra Pradesh, Maharashtra, Tamil Nadu, Punjab, Madhya Pradesh, Uttar Pradesh, Rajasthan, Kerala, Karnataka, Orissa, West Bengal, Bihar, Jharkhand, Haryana, and Gujarat, among different spots. They make loan accessibility easier for those living in village areas. 

Key Features

Types of Documents Required for Tractor Loan

If you are applying for a tractor loan, you need to fulfil some legal requirements to avail the loan easily. Below, you can check out some essential documents required for a Tractor Loan:

How To Apply for a Tractor Loan Online on Tractor Junction?

Applying for a tractor loan online through Tractor Junction is a straightforward process that you can complete quickly. Here's a step-by-step guide:

1. Visit the Tractor Loan Page on the Tractor Junction Website:  Go to the Tractor Junction website and navigate to the tractor loan page.

2. Check Tractor Loan Eligibility Criteria: Before proceeding with the application, make sure to review the eligibility criteria for the tractor loan.

3. Gather Required Documents: Collect all the necessary documents required for the tractor loan application process. These documents may include proof of identity, address, income, and other relevant details.

4. Fill Out the Tractor Loan Online Application Form: Complete the tractor loan application form provided on the Tractor Junction website. Ensure that you fill in all the required fields accurately and provide correct information.

5. Submit the Application: Once you have filled out the application form, review the information carefully to avoid any errors. After verifying the details, submit the application by clicking on the appropriate button.

6. Wait for Partner Financing Companies to Connect: After applying, wait for partner financing companies associated with Tractor Junction to reach out to you. They will review your application and contact you regarding further steps in the loan approval process.

Why Is Tractor Junction Best For Tractor Loans?

Tractor Junction is a perfect platform if you are looking for tractor loans for farmers. Read more to know the reasons why :

Get your Tractor Loan from leading lenders today!

Since third-party insurance is mandatory under the Motor Vehicle Act, Why don't you check out Tractor Insurance for all-around protection? Get more info here​- Tractor Insurance

FAQs on New Tractor Loan

Check out the frequently asked questions below.

Ans. All the cultivators and farmland owners can apply for a tractor loan.

Ans. Tractor loan repayment takes around 60 months/5 years, and the repayment period will decide according to the customer's repayment capacity.

Ans. No, you don’t have to mortgage property to get a tractor loan.

Ans. No, you have not required a guarantor when applying for a tractor loan.

Ans. Yes, a co-borrower is required when applying for a tractor loan.

Ans. Documents required for a tractor loan are duly filled in an application form, KYC (Identity proof and Address proof), Latest passport size photos, Loan Statements in case of existing loans and Land Documents.

Ans. The difference between the tractor price and the loan amount is the margin. So now the choice is for the borrower to select the margin option according to their needs.

Ans. The processing and approval of a tractor loan take 3 working days, provided the documents are complete.

Ans. The total amount of credit that can be released for a tractor loan is 90% of the tractor price.

Ans. Repayment and closure are not allowed for up to 6 months. After that, you can repay and close the loan with some charges mentioned in the loan agreement.

Apply For Other Loan

Check out these loan types for your other needs.

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