Tractor Loan

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To make your home loan journey a smooth sail, in this article we will help you know eligibility criteria, rate of interest, process, necessary documents, comparison and transfer for lowest rates. New Home Loan at basic interest rates from Borrow-Loan Company. You can apply online and check your eligibility and easy EMI. Fast Approval for you are home loan.


Feature of Tractor Loan

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TRACTOR LOAN BLOGS

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TRACTOR LOAN FAQ'S

No. There is no need for a pledge of land while you are trying to get a tractor loan. You can avail it without such a requirement. You would just need to apply for the loan by submitting the proper documents that prove your identity and your ability to pay back.

The minimum and maximum loan amounts are generally not fixed. The loan amount would be determined on the requirement of the individual. However, since this is a tractor loan, it cannot exceed the cost of the tractors that are available in the market.

The tenure of the tractor loans varies. The minimum repayment time is about 3 months. The maximum repayment time can extend to as much as 5 years. The longer the tenure of the loan, the smaller would be the equal monthly instalments.

The frequency of the repayments would vary depending on your ability to pay. There are different repayment frequencies that you can choose from, like monthly, quarterly or half-yearly. You can choose the one depending on how you earn the money.

Yes. You can buy tractors from most of the leading manufacturers in the country. However, you should check with the bank or lender before you decide on the brand and model. Since your lender would be paying the money for you, you should get in touch with them.

Yes. Foreclosure of the loan is allowed. However, you would need to pay the foreclosure charges in such a scenario. The charges generally vary up to 4%. You should get in touch with the bank to get more information on these charges.

The bank or the lender would generally offer about 90% of the price that the bank has approved on the particular tractor, subject to underwriting norms of the bank. However, this value might change depending on certain criteria.

Applying for a tractor loan is a very easy process. If you want to do so, just walk to one of the nearest lenders and talk to the retail centres. You can even find a lot of representatives at the tractor dealerships. The officials will help you regarding this.

As soon as you submit the complete application form along with the necessary supporting documents, your eligibility would be determined. You would get an approval for a specific amount based on your requirement and repayment capability.

No. there would not be the need to pledge any security for applying for the tractor loan. The financed vehicle will be hypothecated to the lender until the repayment of the full amount of the loan. Agricultural land of the borrower will be mortgaged in the mortgage cases as per state laws.

For marginal loans, a guarantor would not be needed. However, if the loan amount is quite large or for the high-end loans, there might be the necessity for a guarantor> Everything depends on the amount of the loan that has been approved for you.

Yes. You can get a tractor loan even if you cannot provide proof of income or proof of business. In such cases, you would need to pledge your land. IOn these mortgage cases, the agricultural land of the borrower would be mortgaged in favour of the bank as per the applicable state laws.

You will need to have the proper documents for your land that confirms the ownership, landholding or crop holding. An encumbrance certificate will be needed to check for hypothecation. The KYC documents will ensure identification, proof of address, date of birth and signature.

Yes. Depending on the situation, you can get loans for a used tractor. This is in addition to the financing of new tractors. However, a lot of this depends on your lender. You should discuss the terms and conditions with your lender.

Yes. You can pay the loan amount bank with any mode. You can use cash, cheque or use a suitable electronic medium to pay the loan amount back. However, if you do not pay the amount back on time, you can get defaulted and charged some percentage of the remaining amount.