Monthly EMI ₹ 15,622
Total Amount Payble ₹ 5,62,395(Principal + interest)
Principal Amount ₹ 5,00,000
Total Interest Payble ₹ 62,395
Tractor Loan is used for the purchase of new and pre-owned tractors, tractor implements, and farming equipment for farming and commercial purposes. Usually, borrowers are not required to mortgage their land in order to avail tractor loan. However, the tractor itself can be kept as collateral with the bank, against the borrowed amount for the purchase of tractors.
The loan amount offered by most of the lenders is itself the cost of the tractor, including tractor implements. Tractor loan EMIs or monthly installments can be paid monthly, quarterly or half-yearly, depending on the applicant’s chosen loan tenure. The loan eligibility, interest rate, repayment tenure, and fees & charges vary from bank to bank; shall depend on the applicant’s profile and business requirements.
Comparison of Business Loan Interest Rates offered by Top Banks/NBFCs
| Bank/NBFCs | Interest Rate | |
| Axis Bank | 10.75% p.a. onwards | Apply Now |
| Flexiloans | 1% per month onwards | Apply Now |
| HDB Financial Services Ltd. | 8% - 26% p.a. | Apply Now |
| HDFC Bank | 10.75% - 25% p.a. | Apply Now |
| IDFC First Bank | 10.50% p.a. onwards | Apply Now |
| Indifi | 1.50% per month onwards | Apply Now |
| Kotak Mahindra Bank | 16% - 26% p.a. | Apply Now |
| Lendingkart | 12% - 27% p.a. | Apply Now |
| Mcapital | 2% per month onwards | Apply Now |
| NeoGrowth Finance | 15% - 40% p.a. | Apply Now |
| Tata Capital | 12% p.a. onwards | Apply Now |
| UGRO Capital | 9% - 36% p.a. | Apply Now |
Also Check: Which bank has lowest interest rate on business loan?
Usage of Tractor Loan EMI Calculator
Banks and NBFCs offering Tractor Loan provides access to individuals to access tractor loan EMI calculators online. The calculator can be accessed by visiting the official website of the lender from mobile, laptop, desktop or tab. There are three main factors that determine the loan EMI that include loan amount (cost of tractor), loan tenure and interest rate. By entering these three numeric, tractor loan EMI calculators display instant results.
Leading Banks/NBFCs offering Tractor Loans
- SBI
- HDFC Bank
- Bank of Baroda
- Axis Bank
- IndusInd Bank
- Mahindra Finance
- Central Bank of India
- ICICI Bank
- Bank of India
- Union Bank of India
- Federal Bank
Calculating Tractor Loan EMI
Tractor Loan EMI can also be calculated here by accessing business loan EMI calculator. The required fields to be entered for a business loan or tractor loan remain the same in this calculator. Moreover, the business loan calculator displays almost the correct results or with near approximations. However, the exact and final EMI to be paid against the borrowed amount shall be defined by the bank at the time of loan approval.