HDFC Bank along with offering numerous banking and financial products also provides tractor loans for the purchase of new and old tractors and farm equipment. Competitive interest rate is offered by HDFC bank on its tractor loan and it can be repaid from 12 months and maximum up to 84 months. The loan gets approved within 30 minutes and can be repaid with flexible EMI options.
HDFC Tractor Loan – Interest Rates & Features – 2022 |
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| Age | Min. 18 years & Max. 60 years |
| Interest Rate | As per applicant’s profile and business requirements |
| Loan Amount | Up to 90% of the Tractor cost |
| Processing Fee | 2% of the loan amount |
| Repayment Tenure | From 12 months to 84 months |
| Loan can be availed | Without and With Land Mortgage, both |
| Insurance (Credit Shield) | Available (Cover against accidental death or permanent disability) |
| Loan Approval Duration | Within 30 minutes |
| Minimum Annual Income | Rs. 1 lakh for farmers & Rs. 1.5 lakh for commercial segments |
Note: The above mentioned interest rates, fees and charges are subject to change and depend on the sole discretion of the bank and RBI. GST and service tax shall be levied extra on the mentioned charges.
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Fees & Charges on Tractor Loan from HDFC Bank
Processing Fee: 2% of the loan amount
Pre-payment / Part Payment Charges:
- 6%: If within 6 months from the date of disbursement on the principal outstanding
- 4%: After 6 months and before 12 months from the date of disbursement on the principal outstanding
- 2%: After 12 months from the date of disbursement on the principal outstanding
Loan Cancellation Charges: Interest charges to be paid by the borrower
Additional Fees & Charges
| Overdue EMI Interest | 2% per month on unpaid installments |
| Cheque / ECS / SI Swap Charges | Rs. 500 per Instance |
| Legal, Repossession & Incidental charges | At actuals |
| Duplicate No Due Certificate / NOC | Rs. 500 per Instance |
| Collateral & ACH Documentation Charges | Rs. 750 per case |
| Loan Reschedulement / Re-booking charges | Rs. 1000 |
| Cheque / SI / ECS Return Charges | Rs. 550 per Instance |
| Documentation charges (For Agri Mortgage and Used Tractor Valuation Cases) | Rs. 3000 |
| CIBIL Charges (only on request) | Rs. 50 per instance |
| Duplicate Amortization Schedule Charges | Rs 200 per schedule |
Note: The above mentioned interest rates, fees and charges are subject to change and depend on the sole discretion of the bank and RBI. GST and service tax shall be levied extra on the mentioned charges.
Note: Processing Fee, Stamp Duty and RTO charges are non-refundable.
Documents Required for Loan Application
- Duly filled Application Form
- Latest passport-sized photographs of Applicant, Co-applicant and Guarantor
- Aadhar Card of Applicant, Co-applicant, Guarantor
- Identity Proof: Passport, Driving License, Aadhar Card, Voter’s ID card, PAN Card
- Address Proof: Passport, Aadhar Card, Voter’s ID card & Driving License
- Last 2 years’ ITR and Financials
- Proof of salary
- Registration Certificate of existing asset
- Proof of Signature Verification: Any one of Passport, Driving License, PAN Card or Bank Verification
- Any additional document required by the HDFC bank
To check the tractor loan EMI, applicants can visit paisabazaar.com to access its handy online tool that is Business Loan EMI Calculator and get accurate and instant results. The three basic loan details that are required to be entered are desired loan amount, repayment tenure and interest rate. Tractor loans are the exclusive farm equipment financing offered by HDFC bank to modernize the farming techniques.