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Tractors are essential tools for farmers, aiding in various tasks, from planting seeds to transporting harvested crops. For many small-scale farmers in India, purchasing a tractor can be financially challenging. Tractor loans or finances become a crucial solution in such situations.
Tractor loans fall under the agricultural loan category and are provided by leading banks, government financial bodies, and non-banking financial companies (NBFCs). These loans facilitate the easy acquisition of new and mini. Individuals or groups can apply, and repayment, managed through equated monthly instalments (EMIs), can be collective or individual within the group.
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. Also, the Tractor Loan EMI Calculator tool is a perfect way to calculate your tractor loan EMI.
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.
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, 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 learn 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 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.
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 the loan easily. Below, you can check out some essential documents required for a Tractor Loan:
Tractor Junction is a perfect platform if you are looking for tractor loans for farmers. Read more to know the reasons why :
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.
Check out the frequently asked questions below.
Check out these loan types for your other needs.