Published Apr 14, 2023
A tractor loan is a type of agricultural loan that helps farmers buy tractors and other farm equipment.
To apply for a tractor loan, you need to find a suitable lender, fill up the loan application form, submit the required documents, and get your loan approved and disbursed.
The eligibility criteria for a tractor loan: Indian citizenship, 18 years of age, having a valid driving license and registration, having a minimum annual income of Rs. 1 lakh from farming or allied activities, and having a good credit history.
You can get up to 90% of the cost of your tractor as loan, choosing a loan tenure from 12 months to 84 months, repayment modes per your convenience, and availing of moratorium during the cropping season.
A tractor can help in reducing your dependence on manual labor and saving your time and energy. In addition, it also aids in diversifying your income sources by using your tractor for other purposes.
A tractor loan is a great option for farmers who want to upgrade their farming equipment and boost their income.