An integral part of any farming activity is the usage of tractors. Tractors are needed for various purposes for maintaining the land and making it agro-friendly. Due to its multiple usages, every farmer requires a tractor on his farm. However, due to the high cost of a tractor, every farmer cannot afford to buy with his money. Therefore, several banks and money-lending agencies provide farm tractor loans to support the purchase of tractors. If you need to know the details of the farm tractor loans, this content will give you all the information on tractor loans.
Several money lenders provide tractor loans to the applicant if they are deemed eligible for it. Applicants can be both farmers and non-farmers. The eligibility criteria for farmers and non-farmers include:
It is important to note that the eligibility criteria for farm tractor loans vary from lender to lender.
Before you apply for a tractor loan, you need to consider the following points:
Tractor loans can be applied for both online and offline. If you choose the offline mode, you need to prepare all the necessary documents, visit the moneylender of your choice, get the documents verified, and make the application. The moneylender will take you through the entire process and sanction your application once the rest of the steps are completed. If you want to go for the online mode, you have to visit the official website of your moneylender, scan and upload all the required documents, fill in all the steps, and submit your application. Once all the steps are verified, your application will be acknowledged, and you will get your loan.
Several banks provide loans for buying tractors. Let us discuss some of them, along with their specifications and benefits.
State Bank of India provides loans for buying tractors to individuals, groups, organizations, and institutions. The benefits of the loan include:
ICICI bank provides tractor loans to individuals who also owns an agricultural loan. They consider the farm income of the individuals while determining their eligibility. The applicant also needs to have 3 acres of land to be eligible for the loan.
The key specifications and benefits of the loan are:
HDFC bank also offers tractor loans to both farmers and non-farmers to help them in the purchase of new or pre-owned tractors. The bank provides an attractive rate of interest, and the loan approval process takes place within 30 minutes.
The key specifications and benefits include:
These are some of the general descriptions associated with tractor loans with a few examples. Please look into the details and make a wise decision.
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