
ICICI Bank- Tractor Loan
ICICI 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 ICICI tractor loan EMI calculator helps you check your monthly payments, making it easier to plan.
The ICICI tractor loan interest rate is competitive, with flexible repayment terms, including options for up to 5-7 years. By using the ICICI 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 ICICI Bank Loan/Finance
Are you a farmer or business person looking to buy a tractor to ease your workload? The ICICi Bank Tractor Loan is here to help! ICICi 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 ICICi 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 ICICi Tractor Loan?
When applying for a ICICi 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 ICICi 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 ICICi 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 ICICi 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 ICICi 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 ICICi 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 ICICi 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 ICICi Tractor Loan EMI Calculator
The ICICi 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 ICICi 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.
ICICI bank offers easy and hassle free tractor loans for first time buyers/tractor owners having agricultural land.
Benefits
- Easy loan procedure
- Quick processing
- Repayment period up to 5 years
- Flexible repayment options
- Fixed Rate of Interest throughout the tenure
- Non- mortgage loan available
- Low processing fee
- low Interest Rate
Eligibility
- Minimum 3 acres of land in the name of borrower
- Agriculture income is being considered for eligibility calculation
- Commercial Income is being considered for commercial segments
Documentation
Pre Sanction Documents
- Filled in application form
- Two latest photograph of all borrowers
- Proof for signature verification - Passport/ Driving licence/ Pan card / Bank's verification
- Identity proof
- Address proof
- Constitutional documents
- Quotation of tractor issued by dealer to customer
- Proof of land holding
- Land valuation report from empanelled valuer (wherever applicable)
- Past loan track record of the customer (wherever applicable)
Pre Disbursement Documents
- Duly executed loan documents
- Original Invoice issued by Dealer to customer
- Title Search Report from empaneled lawyer (wherever applicable)
- Margin Money Receipt ( Issued by the dealer to the customer as a token of acceptance to the margin money paid )
- Mortgage Deed in case of registered mortgage (wherever applicable)
- Comprehensive Insurance Hypothecated to ICICI Bank
- Proof of acknowledgment from Sub-Registrar along with declaration from lawyer that he has created charge along with proof of charge creation (wherever applicable)
Service Charges and Fees for Tractor Loans
Description of Charges | Charges applicable |
---|---|
Pre Payment | Lower of the two options mentioned below: 1) 4% of principal outstanding or 2) Interest outstanding for unexpired period of loan |
Processing fees | Up to 4 % |
Part Payment | Nil * |
Duplicate No Due Certificate / NOC* | Rs 500 inclusive of Service Tax |
Revalidation of NOC charges | Rs 500 inclusive of Service Tax |
Duplicate Amortisation Schedule Charges* | Can be downloaded through Net Banking, Rs 200 from branch |
Swapping charges for ECS/Cheque/SI | Rs 500 inclusive of service tax |
Stamp Duty | At actuals |
Late Payment Penalty | 2% per month on unpaid installments |
Legal, Repossession and Incidental charges Incidental charges are those expenses that are not budgeted or specified, but are incurred by the bank on behalf of the customer. | At actuals |
Loan Cancellation Charges | In the event of cancellation, interest on cancellation to be paid by customer, Rs. 1,000 along with processing fees |
Cheque bounce charges | Rs 250 inclusive of Service Tax |
Statement of account | Rs 200 from branch inclusive of Service Tax |
Foreclosure statement charges | Rs 100 from branch inclusive of Service Tax |
Notes:
1) Service Tax and other Govt. taxes, levies etc. applicable as per prevailing rate may be charged over and above these charges at the discretion of ICICI Bank.
2) The charges or fees given above are subject to change and the one recorded in the agreement will be binding over the above
3) Effective for loans availed from August 10, 2009. For loan availed prior to the said date, the cheque return charges is Rs. 200
4) Interest Reset Clause: Applicable
Interest Rate Range for Tractor Loan
Type of credit facility | Max | Min | Mean |
---|---|---|---|
Tractor / Paddy Harvester | 19.30% | 12.50%* | 16.25% |
Notes:
1) The range of interest provided above is with respect to individual loans disbursed during Quarter II - FY: 2016
2) The rate of interest is also based on the quality of assests being funded and its resale value in the market
3) It excludes subsidy and government schemes
4) Mean rate - Sum of the rate of all loan accounts / Number of loan accounts
Annual Percentage Rate (APR) calculation
The Annual Percentage rate calculator is provided to compute annualised credit cost, which includes interest rate and processing fee.
The APR calculator does not include charges like stamp duty, Prepayment charges etc.
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