Central Bank Of India- Tractor Loans & Agriculture Equipment Finance

Central tractor loan help farmers and business owners to buy tractors easily. With this loan, you can finance the purchase and pay it back in small, manageable amounts. The Central tractor loan EMI calculator helps you check your monthly payments, making it easier to plan.

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The Central tractor loan interest rate is competitive, with flexible repayment terms, including options for up to 5-7 years. By using the Central tractor loan calculator, you can check the EMI based on your budget, ensuring the loan is affordable and fits your financial needs.

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About Central Bank Loan/Finance

Are you a farmer or business person looking to buy a tractor to ease your workload? The Central Bank Tractor Loan is here to help! Central offers financing options that cover up to 90% of the tractor’s value, making it easier for you to purchase without paying the full cost upfront.

With a Central Tractor Loan, you can buy new or used tractors at competitive interest rates, and less land mortgage is needed. You’ll also enjoy flexible repayment terms, insurance coverage, and a choice of tenures. Tractor Junction aims to support farmers and business owners, helping you invest in a vehicle that powers your work and success.

What Do Farmers Need to Get a Central Tractor Loan?

When applying for a Central Bank tractor loan, farmers must meet certain requirements to increase their chances of approval. Understanding these key factors can help simplify the process. Check the things farmers need to have to successfully obtain a tractor loan, including land ownership, income proof, and necessary documentation.

  • Land Ownership: Farmers must own land to qualify for a Central Bank tractor loan. Without owning land, the chances of getting a loan are low, as this is a key requirement for all banks. Under the Central tractor loan schemes, farmers can receive 70-90% of the loan based on these factors.
  • Land Verification: Farmers need to provide documents proving ownership of their farming land. This verification process ensures eligibility for the loan, as required by most banks, including Central tractor loan interest policies.
  • Monthly Income Proof: Proof of regular monthly income is necessary to show that farmers can repay the loan. Banks use this to determine loan approval.
  • CIBIL Score: A CIBIL score is mandatory to secure a Central Bank tractor loan. Even if farmers have a low credit score, they can still apply for loans. However, maintaining timely repayment is crucial to improving their standing. While a lower score may be accepted, having a better CIBIL score significantly increases the chances of obtaining a lower interest rate on the loan.
  • Old Tractor or Additional Business: Farmers who own an old tractor or have another business can qualify more easily for loans, improving their chances of loan approval.
  • Documentation: Proper paperwork is crucial, but banks like Central Bank offer easy documentation processes, making it simpler for farmers to get up to 90% of the loan amount.
  • EMI Interest Rate: The interest on Central tractor loans can vary depending on how often it is calculated. It may be calculated monthly, quarterly, or yearly. This means that the total interest paid on the loan will be different depending on the chosen payment schedule.

What is Central Tractor Loan EMI Calculator

The Central Tractor Loan EMI Calculator is a handy online tool that helps you estimate your monthly payments. By entering the loan amount, interest rate, and loan tenure, the calculator provides an accurate EMI figure to help you plan your finances.

With the Central tractor loan calculator, you can adjust the loan amount and tenure to find a repayment option that works best for your budget. It’s a smart way to ensure you can comfortably manage your payments before applying for a loan.

To finance purchase of Tractors, Trailers and other agricultural implements and accessories.

Tractor Scheme

1

Purpose

 To finance purchase of Tractors, Trailers and other agricultural implements and accessories.

2

Eligibility

Individuals, Partnership firms, companies, FSS, PACs engaged in agriculture and / or allied activities and having land holding of 8 acres of perennially irrigated land or 16 acres of dry land cultivating single crop in a year or 4 acres of irrigated land and cultivating minimum two crops in a year.

3

Nature of facility

Term Loan

 

4

Margin

     20%

 

5

Security

   Primary

 

 

 Collateral

-    Hypothecation of Tractor and other assets created out of Bank finance

-    Hypothecation of crops

-    Mortgage/charge on agricultural land

Total value of primary and collateral security should be at least 200% of the loan amount.

6

Insurance

 Assets created out of loan have to be insured for full value.

7

Interest Rate

Limit upto Rs.50,000/-

Above Rs.50,000/- upto Rs.5.00 lacs

Above Rs.5.00 lacs upto Rs.25.00 lacs

Above Rs.25.00 lacs

Base Rate + 0.50%

Base Rate + 1.00%

Base Rate + 1.50%

Base Rate + 2.00%

8

Processing Charges

   Upto Rs.25,000/-  : Nil

   @ Rs.120/- per lac or part thereof, maximum Rs.20,000/-.

9

Documentation Charges

Nil

10

Repayment

 Within 7-9 years.

For further details, please contact our nearest branch.

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Apply for Other Loan

Check out these loan types for your other needs.

Frequently Asked Questions for Tractor Loan

The Central tractor loan helps farmers and business owners buy tractors by financing their purchase and allowing repayment in manageable amounts.

With the Central Bank tractor loan, you can finance up to 70-90% of the tractor’s value, making it easier to buy a new or used tractor.

You can apply for the Central tractor loan online by visiting Tractor Junction, filling out the application form, and submitting the required documents.

Yes, eligible borrowers can benefit from subsidy options under the Central Bank tractor loan, helping to reduce overall costs

After applying, you can easily check the Central tractor loan status online to track the progress of your application.

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