| Schedule of Charges | Charges (inclusive of GST) |
|---|---|
| Processing Fees | Up to 5.9% |
| Penal Charges (excluding GST) | 36% Per Annum on unpaid installment |
| Foreclosure Charges |
|
| Bounce Charges | ₹750 |
| Duplicate NDC/NOC Charges - physical copy | ₹500 |
For a complete list of charges, please Click Here
Here's all that you need to know about your eligibility for a tractor loan.
What’s more, you also have a choice to select from different repayment methods, like online, post-dated cheques or ECS. Enjoy the flexibility of repayment options to repay as per your convenience. The entire tractor loan process is streamlined with minimal documentation. With TVS Credit, you can even avail yourself of a no-income document option. Apply for a tractor loan today and don’t let cash flow slow down your farm productivity.
The eligibility criteria for a tractor loan are as follows:
A tractor loan application needs the following documents:
|
Proof Type |
Valid Document |
|
Address |
Passport, Aadhaar Card, Driving Licence, or Voter’s ID Copy |
|
Earning Source |
Supporting loan repayment |
|
Identity |
Passport, PAN, Aadhaar, Driving Licence, Voter’s ID Copy |
|
Asset |
Supporting ownership of assets, including land |
|
Additional Documents |
Passbook or bank statement |
Below are some main charges and fees involved in taking out a tractor loan. Note that there can be more charges applied across the entire loan journey. Some of the key charges associated with tractor loans are:
Here is the step-by-step breakdown on how to apply for a tractor loan:
Step 1: Start by choosing the specific tractor model that you want to buy and need a loan for.
Step 2: Submit all the necessary documents for loan approval.
Step 3: Get your loan disbursed without any delay, once approved.
A tractor loan comes under the agricultural loan category that allows tractor financing on simple EMIs without paying the full upfront price.
The interest rate on a tractor loan is usually between 11% to 25%. It may vary from person to person depending on important factors like credit score and the amount of loan needed.
The key benefits of a tractor loan include quick loan approval, minimal documentation, no income proof, and maximum funding.
The minimum age required for a tractor loan is 18 years with an agri background and 21 years with a commercial background.
The maximum tenure of a tractor loan can range from 12 to 72 months, based on the type of tractor loan chosen.
