Apply for New Tractor Loan

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

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

• To qualify for the loan, the borrower must have a regular income, and a 15% margin is required. 
• The borrower must take insurance for the tractor/accessories after the loan. 
• The lender charges a 0.5% upfront fee on the loan amount.

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

• Prospective borrowers can get up to 90% of the tractor's price as a loan.
• Borrowers can repay the loan conveniently through post-dated cheques, ECS, SI, etc.
• Tractor loans can be availed with or without submitting collateral, providing flexibility to applicants.
• Applicants must be at least 18 to be eligible for this loan.
• The bank charges a processing fee of 2% of the loan amount.

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

• The bank offers flexible repayment options to suit the borrower's financial capabilities.
• The interest rate for the Bank of Baroda tractor loan starts at just 12.25%. You can use a tractor loan calculator to calculate your EMIs.
• Bank of Baroda provides attractive interest rates, making it cost-effective for borrowers.
• The bank strives to process tractor loan applications swiftly, ensuring minimal waiting time.
• The required documentation is easy to fulfil.

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

• The bank ensures flexibility in repayment options, where the tractor serves as collateral, simplifying the application process. 
• Additionally, borrowers benefit from attractive interest rates, quick loan processing, and minimal documentation requirements for ease of application.

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

• The documentation process of Magma Fincorp tractor loan is smooth and uncomplicated. Borrowers can opt for monthly, quarterly, or half-yearly repayments. 
• New tractor loans are available for existing customers without needing to submit land-holding documents. 
• Borrowed loans can be foreclosed six months after disbursement, with preclosure charges set at 5% of the outstanding principal.

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:

• Identification Proof: Aadhar card, passport, driver's license.
• Address Proof: Utility bills, rental agreement, voter ID.
• Income Proof: Salary slips, income tax returns, bank statements.
• Business Proof: Business license and registration documents.
• Collateral Documents: Land ownership proof, property documents.
• Loan Application: Filled and signed loan application form.
• Quotation: Tractor purchase quotation from the dealer.
• Credit History: Credit score and history report.
• Guarantor Documents: If applicable, identification and income proof of guarantor.
• Legal Documents: Any legal clearances or documents the lender requires.

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 :

• Tractor Junction specialises in agricultural equipment, particularly tractors, trucks and bikes. Therefore, this specialisation helps farmers gain an understanding of farmers' loan requirements.
• With its extensive network of lenders, dealers, and financial institutions, Tractor Junction facilitates the process of matching farmers with appropriate financing choices.
• It provides customised financing options depending on the needs of each farmer, guaranteeing adaptability and a better fit for their financial circumstances.
• To maintain transparency in loan terms, interest rates, and fees, ensuring farmers understand the financial commitment clearly.
• Farmers, particularly those residing in rural places, will find the loan application and approval procedure more convenient and accessible as a result of Tractor Junction's online services.

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.