Tractor Finance & Loan : Muthoot Capital Services Offers Finance for Tractors
Buy your own tractor with Muthoot Capital Service’s easy Tractor Loans and increase your productivity, your profits and reap the benefits of your hard work.
Tractor Finance: L&T Finance Offers Finance for Tractors Purchase
L&T Finance offers tractors finance facility to the farmers / tractor buyers.
Financing available for all categories of tractors across manufacturers, Loan tenure up to 7 years and Loan available for low land holding borrowers.
Tractor Finance: Indian Bank Offers Finance for Purchase of Tractors
For mechanizing the farming activities so as to improve agricultural production or productivity Indian Bank Offers Financing Agriculturists.
To purchase tractors or power tiller together with necessary equipments like cultivator, tiller, mould board plough, disc harrow, cage wheel, trailer, threshers, harvesters etc.
Tractor Finance in India
Tractor provides facility for farmers due to ease in farming operations. Tractor can be used for various agriculture functions and eliminate dependency on animals. Moreover, tractors can be used for intercultural operations of different crops.
Tractor loan from banks
Various banks in India provide tractor loan for buying tractors. State Bank of India provides tractor loans through two schemes such as Stree Shakti Tractor Loan and new Tractor Loan scheme. Tractor loan schemes from banks include Bank of Baroda, Oriental Bank of Commerce, HDFC Bank, Bank of India, and Central Bank of India, Axis Bank, ICICI Bank, Bank of Baroda etc.
Tractor loan comparison
Besides various tractor loan schemes from banks, there are some differences in loan types in eligibility criteria, documentation required and service charges. Eligibility criteria for getting tractor loan from ICICI bank- farmer should have minimum 3 acres of agriculture land. His/her agriculture and commercial income is also considered while issuing loan. Under farm mechanization scheme from Bank of India, farmer should have 8 acres of perennially irrigated land for tractor and 5 acres of perennially irrigated land for power tiller. In addition, loan above 1 lakh requires security of mortgage of Land or collateral security of adequate worth.
Farmer will be eligible for getting tractor loan from Bank of Baroda only after having perennially irrigated land of 4 acres (farmer with land holding below 6 acres of irrigated land is considered for tractors with horse power upto 35 hp).
Central Bank of India provide tractor loan to farmer 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. In addition, it requires collateral security of at least 200% of the loan amount. (Interest rate: Base Rate + 2 %; Margin: 20%)
HDFC bank offers tractor loan to farmer or non-farmers depending upon eligibility. For farmer-Income should not be less than Rs. 1.00 lakh per annum and minimum 3 acres of agricultural land required. For non-farmer- Income should not be less than Rs. 1.50 lakh per annum and a Telephone (Owned / PP Land line or Mobile) is mandatory.
New tractor loan scheme by State Bank of India avails tractor loan to individual with minimum land holding of 2 acres and collateral security of land property valued equivalent of 100% of loan value. (Interest rate: 12 %)
Eligibility for tractor loan from Oriental bank of Commerce minimum 2.5 acres of agriculture land with permanent source of Irrigation for minimum in two crops in a year. Mortgage of agriculture land to secure the advance adequately or Third party guarantee acceptable to bank.
Tractor subsidy scheme from government of India, agriculture ministry includes:
- 30% cost subsidy or Rs. 30,000/- whichever is less
- 100% transport subsidy is provided by the department.
Eligibility: The Progressive Farmer/Cooperative Societies should possess 6Acre/2.51 hectare of land in his ownership.
The land in question to take Loan cum subsidy on tractor should be free from all encumbrances and have clear title of ownership with detailed survey particulars.
How to apply
- The application forms are available with concerned Zonal Officers or Incharge of sub-depot
- The concerned farmer should fill-up the application form along with all records of the land.
- The application is to be submitted to the concerned Zonal Officer or Incharge of the sub-depot.
- In normal case, the scheme is sanctioned within 45 days.
Features & Benefits of Tractor Loan-
Repayment for tractor loan is based on cash flows i.e. monthly/quarterly and half yearly (asset becomes loan free in five years)
Quick disbursal within two days after loan approval
Available for a wide range of tractors
Stress-free loan sanction without mortgaging of land
Easy and flexible documentation
Eligibility for Tractor Loan:
Companies cater to all segments of customers owning a tractor or planning to own one.
Documents Required for Tractor Loan:
Income proof to support repayment of loan
ID Proof: Passport / Voter's ID card / Driving License / PAN card / Self-affidavit with photograph of customer and signature across duly notarised / Aadhaar card
Age Proof: Passport / Voter's ID card / Driving License / PAN card / Aadhaar card
Address Proof: Passport / Latest telephone bill (landline) / Latest electricity bill / Latest bank statement
Other Documents: Land documents / Photocopies for non-mortgage and originals for mortgage / ECS application form / Cheques (PDC, Part PDC)
Customised repayment option based on harvest patterns
Tie-ups with all major manufacturers across makes and models
Attractive schemes to suit your needs
Faster sanction and disbursement of loan
Personalised customer service
Multiple modes of repayment
Competitive processing charges
Strong presence in semi-urban and rural India
Insurance cover available at attractive rates **