HDFC Bank - Tractor Loans

HDFC 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 HDFC tractor loan EMI calculator helps you check your monthly payments, making it easier to plan.

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The HDFC tractor loan interest rate is competitive, with flexible repayment terms, including options for up to 5-7 years. By using the HDFC 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 HDFC Bank Loan/Finance

Are you a farmer or business person looking to buy a tractor to ease your workload? The HDFC Bank Tractor Loan is here to help! HDFC 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 HDFC 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 HDFC Tractor Loan?

When applying for a HDFC 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 HDFC 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 HDFC 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 HDFC 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 HDFC 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 HDFC 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 HDFC 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 HDFC Tractor Loan EMI Calculator

The HDFC 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 HDFC 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.

Why take a Tractor Loan from HDFC Bank?

Whatever be your need we have a loan for you. Over the years we have won the trust of our customers and have become market leader in loan products. 

Enjoy triple benefits when you take a Loan from HDFC Bank:

  • Faster loan - Our loan sanction and disbursal is one of the quickest with easy documentation and doorstep service.
  • Competitive pricing – Our loan rates and charges are very attractive
  • Transparency – All charges are communicated up front in writing along with the loan quotation

Features and Benefits of Tractor Loans

Do you want to upgrade your farming vehicle but are short of funds? Are you looking for tractor loans that can give you maximum funding at great rates of interest? Choose HDFC Bank's Tractor Loan to fulfill your agricultural needs.

  • Tractor Brand: Were you thinking of buying a tractor for getting better yields of crop? Go right ahead. As far as your chosen tractor is made by any reputed tractor manufacturer in India, it will be eligible for a loan.
  • Loan amount: Are you looking to maximize funding options for your tractor purchase? You can get as much as 90% finance on your favourite tractor through this loan.
  • Repayment: Pay back your loans within a period of 12 to 84 months. You can use post dated cheques (PDC) or cash collection as preferred repayment methods.
  • Quick processing: We are known for our speedy processing times and hassle free documentation.
  • Tractor Plus: You can get finance on the first year or combined finance on the first, second and third year along with motor insurance premium with Credit Shield. What is "Credit Shield" you ask? It means that we will cover the insurance for accidental death or permanent total disability of the customer along with amount equivalent to the outstanding in loan account. Get in touch with us to know more about this scheme NOW!

Eligibility and Documentation of Tractor Loans

Get details on eligibility criteria & documents required for HDFC Bank Tractor Loans

Both farmers and non-farmers can apply for this loan. Their eligibility criteria are as follows:

FARMER NON FARMER
  • Minimum age of the applicant should be 18 years
  • Maximum age of the applicant should be 60 years on the date of funding
  • Income should not be less than Rs. 1.00 lakh per annum
  • Minimum 3 acres of agricultural land required
  • Minimum age of the applicant should be 18 years
  • Maximum age of the applicant should be 60 years on the date of funding
  • Income should not be less than Rs. 1.50 lakh per annum
  • A Telephone (Owned / PP Land line or Mobile) is mandatory

The documents required for getting a Tractor Loan are as follows:

FARMER NON FARMER
  • Proof of Identity: Passport Copy / PAN card/ Voter's ID / Driving licence / Self affidavit with photograph of customer and signature across duly notarised / Photocopy of the bank pass book front page giving name, address photograph of the customer attested by the bank / photo of customer attested by the banker on a separate paper.
  • Latest Land Records: They should not be more than 3 months old.
  • Address Proof: Copy of land extracts / ration card / Akarni Patrak / Property card / tax receipt /Talati or Patwari or VAO certificate certifying that the applicant is a resident of the village is required.
  • Signature Proof: Copy of driving licence / Copy of PAN card / self affidavit with photograph of customer and signature across duly notarised / Present Banker verification Bank statement for last 6 months if available
  • Proof of Identity: Passport Copy / PAN card/ Voter's ID / Driving licence / Photocopy of the bank pass book front page giving name , address photograph of the customer attested by the bank / photo of customer attested by the banker on a separate paper.
  • Bank statements: Bank statements of last 6 months, a copy of repayment track for vehicle (not older than 1 year) , income papers i.e. IT returns / Contract papers ,copy of work/transport contracts, if any, are required.
  • Address Proof: Electricity bill / municipal tax receipt / Society bill / Agreement Copy / telephone bill will suffice.
  • Signature Proof: Copy of driving licence / Copy of PAN card / Present Banker verification. A certified true copy of partnership deed / Memorandum & articles of association will be required in case of partnership firms and limited companies respectively.

Tractor Loans Interest Rates & Charges

Enclosed below are HDFC Bank Tractor Loans Interest Rates & Charges

Here is an exhaustive list of all the fees and charges to be paid for the Tractor loan:

Description of charges Tractor Loans
Processing Fee

2% of Loan Amount


Service Tax and other Government levies, as applicable, would be charged additionally at the applicable rates.

Pre-payment Charges

- 4% if before 12 months from date of disbursement 
- 2 % if after 12 months from the date of disbursement


Service Tax and other Government levies, as applicable, would be charged additionally at the applicable rates.

Duplicate No Due Certificate / NOC* Rs. 500/- per instance
Duplicate Amortisation Schedule Charges* Customer can download the schedule from NetBanking free of cost. Rs. 200/- per schedule would be charged at Customer Service desk.
Cheque/ ECS Swapping Charge* Rs. 500/- per instance
Cheque/SI/ ECS/Installment Return Charges

Rs. 550/- per instance


Service Tax and other Government levies, as applicable, would be charged additionally at the applicable rates.

Documentation Charges (for Agri Mortgage Cases)

Rs.1500/-


Service Tax and other Government levies, as applicable, would be charged additionally at the applicable rates.

Part Payment Charges

4% if before 12 months or 2% after 12 months from date of disbursement on the principal to be repaid


Service Tax and other Government levies, as applicable, would be charged additionally at the applicable rates.

Loan Rebooking  Charges* Rs.1000/-
Collateral Charges

Rs.300/-


Service Tax and other Government levies, as applicable, would be charged additionally at the applicable rates.

Stamp Duty At actuals
Late Payment Penalty 2% per month on unpaid installments
Legal, Repossession & Incidental charges At actuals
CIBIL Charges (only on request) Rs. 50/- inclusive of Service Tax
Loan Cancellation Charges In the event of cancellation, interest on cancellation to be paid by  customer, Rs. 1000/- along with processing fees and stamp duty

Average Rates offered to customer during the period of Apr'16 to June'16

Bank IRR
Min IRR Max IRR Avg IRR
13.60% 21.95% 16.49%

Average Annual Percentage Rate offered to customer during the period of Apr'16 to June'16

APR
Min APR Max APR Avg APR
13.70% 22.94% 16.84%

* Exclusive of Service Tax

FAQ

Do you want to repay the loan earlier than the due date?

If you want to repay your loan earlier than the due date, feel free to do so.

Can I pre-pay the entire loan amount?

Yes, you will have to pay a pre-payment fee of 4% if you pay your entire loan before 12 months from the date of disbursement. You will have to pay a pre-payment fee of 2 % if you pay your loan after 12 months from the date of disbursement.

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Apply for Other Loan

Check out these loan types for your other needs.

Frequently Asked Questions for Tractor Loan

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

With the HDFC 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 HDFC 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 HDFC Bank tractor loan, helping to reduce overall costs

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

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