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We understand the importance of buying a trustworthy tractor to boost the productivity of agriculture. That's why Tractor Junction provides tailor-made loan solutions catering to your requirements and financial capacity. Now, you can drive towards success with the power of modern farming equipment. Don't let financial constraints hold you back from owning a tractor.
Before buying a tractor for your farm, knowing the interest rates on tractor loans from various banks is vital. This helps you make an informed decision and find the best financing option for your agricultural investment. Compare rates to find the most suitable choice.
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 |
Check down below eligibility for a new tractor loan.
Documents required for new tractor loan.
Discovering the leading tractor loan financing firms, 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, tractor loan interest rates and tractor loan interest rates for your ease. You will find a detailed SBI Tractor Loan, HDFC Tractor Loan and Bank of Baroda Tractor Loan information here. Tractor Junction has partnered with L&T Finance, HDFC Bank, Kotak Mahindra Bank, and HDB Finance to offer you a range of flexible financing solutions to make your tractor purchase smooth and easy.
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.
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 know more about the 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.
Individuals and farmers looking to buy new or used tractors can avail 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.
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.
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.
If you are applying for a tractor loan, you need to fulfil some legal requirements to avail loan easily. Below you can check out some essential documents required for Tractor Loan:
Tractor Junction is considered a reliable choice for tractor loans for farmers due to the following reasons:
Since third-party insurance is mandatory under Motor Vehicle Act, Why don't you check out Tractor Insurance for all-around protection? Get more info here- Tractor Insurance.
Check out the frequently asked questions below.
Check out these loan types for your other needs.
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