1) Tractor Loan from SBI
To avail SBI Tractor Loan, a minimum of 2 acres of land is required to be in the name of the applicant, along with a minimum credit score of 650.
Existing/New Farmer/Good Borrower banking with other banks is eligible.
| SBI Tractor Loan - Interest Rate, Features, Fees and Charges | |
|---|---|
| Interest Rate | 11.00% p.a. onwards |
| Loan Amount | Min. Rs. 2 lakh - Max. Rs. 25 lakh |
| Processing Fee | 0.50% of the loan amount |
| Repayment Tenure | Principle Equated Distribution with Interest in 10 half yearly Instalments. |
| Moratorium | Not available |
| Collateral Security | Up to 1.60 Lakh Primary: Hypothecation of Tractor, accessories and implements purchased out of Bank finance. Collateral: Nil.
Loans above Rs. 1.60 lakh: Primary: Hypothecation of Tractor and accessories. Collateral: Mortgage of land /Gold Ornaments/Any Other approved liquid security or Third-Party Guarantee. |
| Margin | 25% of cost of Tractor including accessories and implements (Including Insurance and Registration Charges) |
| Fees & Charges: | Up to 2.00 Lakh-NIL Above 2.00 lakh-1.40% of Loan amount + GST |
Also Read: How does a bank calculate interest & EMI for tractor loan?
2) HDFC Bank - Tractor Loans
- Loans for the purchase of New or Old Tractors & Farm Equipment
- Loans available Without Land Mortgage and also with Land Mortgage
- Loans available on basis of Income Proof, Repayment History, Registration Certificate
The minimum age of the applicant should be 18 years and maximum 60 years
| HDFC Tractor Loan - Interest Rate, Features, Fees and Charges | |
|---|---|
| Interest Rate | Competitive Interest rates |
| Loan Amount | Up to 90% of the tractor cost |
| Processing Fee | 2% of the loan amount |
| Repayment Tenure | From 12 months - 84 months |
| Collateral Security | With & Without Land Mortgage is available |
| Processing Time | Approval within 30 minutes |
| Insurance | Coverage Available |
Minimum Annual Income: Rs. 1 lakh for Farmers and Rs. 1.5 lakh for Commercial segment
3) Bank of Baroda - Tractor Loan
To avail Tractor Loan from Bank of Baroda , minimum 2.5 acres of agricultural land (single or jointly owned) is required to be in the name of the applicant.
| Interest Rate | Tractor Loan- Agricultural end use and Agri Hiring- 12.25% - 14.40% p.a. Tractor Loan- Agri cum commercial End use - 12.25% p.a. onwards Tatkal Tractor Loan - 12.25% p.a. onwards |
| Loan Amount | Tractor cost covered |
| Nature of loan | Term-loan |
| Repayment Tenure | Max. up to 72 months |
| Margin | Tractor Loan- Agricultural end use and Agri Hiring- 15% Tractor Loan- Agri and commercial End use- 20% Tatkal Tractor Loan- 30% |
4) Axis Bank - Tractor Loan
To avail Tractor Loan from Axis Bank , minimum 3 acres of land holding for farmer
The minimum age of the applicant should be 18 years and maximum 75 years
| Axis Bank Tractor Loan - Interest Rate & Features | |
|---|---|
| Interest Rate | New Tractor Loan: 17.50% - 20.00% p.a. Used Tractor Loan: 18.00% - 24.00% p.a. |
| Loan Amount | Up to 90% of the tractor cost |
| Processing Fee | New Tractor Loan: Up to 2% of sanctioned loan amount + GST Used Tractor Loan: Up to 2.5% of the sanctioned loan amount + GST |
| Collateral | Agricultural land of the borrower |
| Pre-payment/Foreclosure Charges | 4% of part payment/outstanding amount |
| Penal Interest | 2% per month |
Fees & Charges
| Cheque / Instrument Swap Charges | Rs. 500 per instance |
| Duplicate Statement issuance charges | Rs. 500 per instance |
| Loan cancellation / Re-booking | Rs. 500 per instance |
| Stamp Duty | On Actuals |
| Duplicate No Dues Certificate / NOC | Rs. 500 per instance |
| Issuance of Credit Report | Rs. 50 per instance |
5) IndusInd Bank
To avail Tractor Loan from IndusInd Bank , minimum 2 acres of agricultural land is required to be in the name of applicant
| IndusInd Bank Tractor Loan - Interest Rate & Features | |
|---|---|
| Interest Rate | 14% p.a. onwards |
| Loan Amount | Cost of tractor covered |
| Repayment Tenure | Up to 60 months |
| Processing Fee | 5% of the loan amount |
| Documentation Charges | 5% of the loan amount |
| Loan Cancellation Charges | Rs. 1500 per case |
| Pre-closure Charges | 2%-5% of the principal outstanding |
Note: All the above-mentioned interest rates, fees, and charges are subject to change and shall depend on the sole discretion of the bank, NBFC and RBI. GST and service tax shall be levied extra on the mentioned charges for each loan product. Note: Interest rates are updated as of January 2023.
