HDFC Bank Tractor Loan: Get up to 90% Loan on Buying a Tractor, Apply Here

Farming and agricultural operations are the backbone of our nation, and to support the hardworking farmers and businesses that rely on tractors for their daily work, HDFC Bank introduces the Tractor Loan. This financial offering is more than just a loan; it's a partner in progress, designed to make your journey in agriculture smoother and more efficient.

Continue Reading:-

Whether you're a seasoned farmer looking to upgrade your tractor or a budding entrepreneur venturing into the world of agriculture, HDFC Bank's Tractor Loan is here to simplify the process and help you realize your goals. With a host of features, competitive interest rates, and flexible repayment options, this loan is tailored to your unique needs.

Let's explore the key facets of the HDFC Bank Tractor Loan and discover how it can empower your agricultural endeavors.

Tractor Loan Features:

Loan Amount:

Secure up to 90% of the tractor's cost.

Interest Rates:

Enjoy highly competitive interest rates and processing fees.

Tenure:

Choose a loan repayment period ranging from 12 to 60 months.

Loan Processing:

Experience hassle-free documentation and fast loan disbursal.

Flexible Repayment Options:

* Various types of loans are available, including loans for the purchase of new or used tractors and farm equipment.

* Loans can be obtained with or without land mortgage, depending on your preference.

* Loans are available based on criteria such as the Registration Certificate, Repayment Track Record, or Income Proof.

Insurance:

* Benefit from insurance coverage, including Asset Insurance and Life Insurance.

* Credit Shield is an insurance policy that covers your outstanding loan in the event of accidental death or permanent disability.

Tractor Loan Eligibility:

CRITERIA:

Minimum age: 18 years

Maximum age: 60 years

Minimum Annual Income: ₹1 lakh (for Farmers) and ₹1.5 lakhs (for the Commercial segment)

Also Read: SBI Tractor Loan Scheme 2023: How to Apply? - Eligibility, Documents Required, Charges, & More

Tractor Loan Fees & Charges:

Here is a comprehensive list of all the fees and charges associated with the HDFC Bank Tractor Loan:

Processing Fee: 2% of the Loan Amount

PREMATURE CLOSURE CHARGES:

* 6% if closed within 6 months from the date of disbursement on the principal outstanding

* 4% if closed after 6 months and before 12 months from the date of disbursement on the principal outstanding

* 2% if closed after 12 months from the date of disbursement on the principal outstanding

* For Micro and Small Enterprises (MSE) borrowers, no premature closure charges will apply for all floating rate loans and for Fixed rate loan facilities up to Rs. 50 Lakh.

* For MSE customers, a 2% takeover charge will be applicable in case of loan takeover by another Bank or Financier. The Bank reserves the right to enquire or ask for documentary proof of the source of funds for loan closure requests.

* Loan Cancellation: In case of cancellation, Interest charges will be borne by the customer. Processing Fee, Stamp Duty, and RTO charges are non-refundable and would not be waived or refunded in case of loan cancellation.

* Delayed Instalment Payment Charge: 1.50% per month (18% p.a.) plus applicable government taxes on overdue instalment amounts.

* Legal, Repossession & Incidental Charges: Actuals

* Stamp Duty & Other Statutory Charges: As per applicable law

* CIBIL Charges (only on request): Rs. 50/- per instance

* Duplicate No Due Certificate / NOC: Rs. 500/- per instance

* Duplicate Amortization Schedule Charges: Rs. 200/- per schedule

* Cheque / ECS / SI Swap Charges: Rs. 500/- per instance

* Collateral & ACH Documentation Charges: Rs. 750 per case

* Loan Rescheduling / Rebooking Charges: Rs. 1000/-

* Cheque / SI / ECS Return Charges: Rs. 550/- per instance

* Documentation Charges (For Agri Mortgage and Used Tractor Valuation Cases):

* Documents Charges (For Agri Mortgage): Rs. 1500

* For Used Tractor Valuation Cases: Rs. 1500

Also Read: Tractor Loan EMI Calculator: Essential Guide to Financing The Tractor

Tractor Loan Documentation:

When applying for the HDFC Bank Tractor Loan, you'll need to provide the following documentation:

Identity Proof:

Any one of Voter ID, PAN Card, Driving License, Passport, Aadhaar (with customer consent)

Address Proof:

Any one of Voter ID, Driving License, Passport, Aadhaar (with customer consent)

Proof of Signature Verification:

Any one of Passport, DL, PAN Card, Bank Verification, Tehsildar Certificate

Any one of the following:

* Income Proof: Bank Statement; ITR of the Last 2 Years

* RC of existing asset / Repayment Track Record (wherever applicable)

* Land Ownership Proof (wherever applicable)

* Salary Proof (wherever applicable)

The HDFC Bank Tractor Loan is your pathway to acquiring the tractor you need to boost your agricultural or business endeavors. With flexible loan terms, competitive interest rates, and a hassle-free application process, it's designed to make your life easier.

Also Read: Get 60% Subsidy on Tractor-Driven Disc Ploughs, Get Implement at Discounted Prices, Apply Now