Getting a tractor loan has never been easier! 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. The best part is that the repayment options can be aligned with your crop cycles. So, you do what’s best for your farm without worrying about lean periods.
| 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
Upgrading your farm machinery is integral to improving productivity for long-term business growth. A tractor helps streamline farming applications ranging from ploughing and sowing to harvesting. With a tractor loan, you get a specialized financial instrument that allows modern farmers like you to invest in tractors without paying the full upfront price. You can ease your financial burden by financing up to 90% of the tractor’s price.
Enjoy the flexibility of repayment schedules, as farming is typically a seasonal business. What’s more, you also have a choice to select from different repayment methods, like online, post-dated cheques or ECS. 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 boost your farm productivity!
Below are the general eligibility norms for a tractor loan:
A tractor loan application requires minimal documentation, which includes:
|
Proof Type |
Valid Document |
|
Address |
Electricity Bill, Passport or Ration Card Copy |
|
Income |
Supporting loan repayment |
|
KYC |
Passport, PAN, Aadhaar, Driving Licence, Voter’s ID Copy |
|
Asset |
Supporting ownership of assets, including land |
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.
|
Type |
Charges (including GST) |
|
Processing Fees |
Up to 10% |
|
Foreclosure Charges |
4% of the future Principal Outstanding |
|
Penal Charges |
36% Annually on unpaid instalments |
|
Duplicate NDC/NOC Charges |
Rs. 500 |
|
Bounce Charges |
Rs. 750 |
Here’s the step-by-step process to apply for a tractor loan:
A tractor loan falls under the agricultural loan category that allows buying tractors on simple EMIs without paying the full upfront price.
The interest rate on a tractor loan is usually between 11%-25%. It may vary from person to person depending on important factors like credit score and 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.
