Upgrading your farm machinery is integral to improving productivity for long-term growth. A tractor helps streamline farming applications ranging from ploughing and sowing to harvesting. Turn your dream into reality and transform your farming by applying for a Tractor Loan with TVS Credit Services Ltd. Say goodbye to lengthy paperwork and make the most out of the seamless digital experience. Enjoy up to 90%* funding for the tractor without the hassle of lengthy paperwork.
| Must be a farmer or individual with agri usage |
| Must have proof of income and proof of land holding |
| A good CIBIL score determining the creditworthiness in eye of lenders |
Duly filled application form with borrowers, co borrowers and guarantors photographs
ID proof, address proof and signature verification of the borrower as well as guarantor
Land documents as applicable and records of past loans availed if any
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.
