Tractor Loan - Purpose of the loan
Definition: Tractor Loans are loans taken out by farmers or businessmen to buy new or pre-owned tractors. Read on to know more!
Purpose of the loan
Whether you are a farmer or a businessman, you can avail a Tractor loan for agricultural or commercial purposes. If you are a farmer, you must own a minimum of 3 acres of agricultural land (varies from lender to lender).
Features of tractor loan
• No security or collateral required
• Ease of documentation
• Faster approvals
• Hassle free transaction
• Attractive rates of interest
• Both farmers and non-farmers may apply
• Get as much as 90% finance on your tractor through this loan
• Pay back your loans via postdated cheques or cash collection
• Repayment tenure: Minimum 12 to a maximum of 84 months
• Tractor loan available for tractors made by leading automobile manufacturers in India
• Third party guarantee might be insisted upon
Eligibility for tractor loan
• If you are farmer and own minimum 3 acres of land, you will be eligible for this loan
• Agriculture income will be considered if you are a farmer applying for this loan product
• Commercial Income will be considered if you are a non-farmer applying for this loan product
Tractor Loan – How to apply
If you are looking for a tractor Loan and are unsure about how to apply, then CreditMantri can guide you. You can typically apply for a personal loan which can be used to buy a pre-owned or new tractor.
You can check your eligibility and apply for a business loan by signing up with CreditMantri. It is quick, simple and above all, free.
CreditMantri matches your credit and demographic profile to the lender's lending criteria and presents you a shortlist of only those lenders willing to lend to you based on your unique credit profile. In effect, we pre-screen your application to make sure you are likely to qualify as per the lender's credit criteria. Hence, the chances of your business loan application getting approved are higher.
Click here to sign up and apply for loans, the CreditMantri way!