How To Finance Your Tractor? Quick Guide For Loans & Subsidies
Tractor loans are India's most in-demand business and farm loans. As a result, leading financial institutions have acknowledged the requirement of offering tractor loans for commercial and non-commercial activities.
Moreover, tractor loans, an agricultural inventory, are more demanded in rural and semi-urban areas of our country. Moving further, let's discuss some of the leading banks offering Tractor loans and Tractor Subsidy for farmers and businesses, along with eligibility and major highlights.
Tractor Loan from Top Banks – January 2023
State Bank of India- Tractor Loan
To avail of an SBI Tractor Loan, a minimum of two acres of loan must be in the applicant's name and a CIBIL of 650. The loan is available at an interest rate of 11.00% per annum, while the loan amount ranges between Rs. 2 lakhs to 25 lakhs. In addition, SBI charges processing fees of 0.50%. The repayment tenure is done with principle equated distribution with interest in 10 half-yearly instalments.
HDFC Bank – Tractor Loan
HDFC provides Tractor loans to purchase new and old tractors and farm equipment. Loans are available with and without a mortgage based on income proof, CIBIL and registration certificate. HDFC takes care of your tractor at very competitive interest rates. The loan amount is up to 90% of the tractor cost, with a 2% loan processing fee. The repayment ranges between 12 to 84 months.
Bank of Baroda – Tractor Loan
To avail of a BOB tractor loan, a minimum of 2.5 acres of farmland (single or jointly owned) is required in the applicant's name. BOB caters to your tractor finance needs at a floating interest rate, and the loan amount covers all the tractor costs. BOB term loans come with a set repayment duration of up to 72 months.
Why don't you check out Loan Against Tractor to finance your inventory!?
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