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Your Used Tractor Loan with us

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Used Tractor Loan

Minimal documentation | Funds up to Rs. 8 lakh | Tenure up to 60 months
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Drive your farm forward with a Used Tractor Loan
 
 
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Trusted by 3 lakh+ customers

Used Tractor Loan
Minimal documentation | Funds up to Rs. 8 lakh | Tenure up to 60 months

Key features

Watch video ‌
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Up to 95% funding of tractor value

Get a high-value loan and finance your tractor purchase with ease.

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Minimal documentation

Take advantage of minimal paperwork, ensuring a fast and hassle-free process.

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Loan up to Rs. 8 lakh

Get funds up to Rs. 8 lakh for your tractor or farming needs.

Key features

Watch video ‌
/content/dam/bajajfinserv/web/in/en/xaop/assets/sku-image-asset/loan/tractor-finance/feature-icon/utf-feature-icons/Tractor_UTL_Feature_Icon_1_Image.png
Up to 95% funding of tractor value

Get a high-value loan and finance your tractor purchase with ease.

/content/dam/bajajfinserv/web/in/en/xaop/assets/sku-image-asset/loan/tractor-finance/feature-icon/utf-feature-icons/Tractor_UTL_Feature_Icon_2_Image.png
Minimal documentation

Take advantage of minimal paperwork, ensuring a fast and hassle-free process.

/content/dam/bajajfinserv/web/in/en/xaop/assets/sku-image-asset/loan/tractor-finance/feature-icon/utf-feature-icons/Tractor_UTL_Feature_Icon_3_Image.png
Loan up to Rs. 8 lakh

Get funds up to Rs. 8 lakh for your tractor or farming needs.

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Calculate your tractor loan EMIs

Instantly estimate your monthly instalments on your loan and interest payable.

Features and benefits

  • 3 unique loan variants

    We offer 3 unique variants for our used tractor loan – Term Loan, Flexi Term and Flexi Hybrid Loan. Choose the one that works best for you.

  • High-value finance

    Benefit from our asset-based financing. Get up to 95% of the tractor’s value at a competitive interest rate with our used tractor loan.

  • Loan up to Rs. 8 lakh

    Get funds up to Rs. 8 lakh and fund your used tractor purchase with ease.

  • Multiple tenure options

    Repay your loan easily with tenure ranging from 12 months to 60 months.

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Eligibility and documents

Bajaj Finance offers used tractor loan that comes with simple eligibility criteria and minimal paperwork.

Eligibility criteria

  • Nationality: Indian
  • Age: 18 years to 80 years*
  • Customer profile: Salaried, farmers, self-employed individuals, and proprietorship

*Age should be 80 years or less at the end of the loan tenure.

 

Documents required

  • PAN Card
  • KYC documents – Aadhar Card, Voter ID Card.
  • Bank account statements

How to apply for a used tractor loan

How to Apply for a Used Tractor Loan
 

How to Apply for a Used Tractor Loan

A step-by-step guide to applying for a used tractor loan


1. Click on ‘APPLY’ text on this page to open the application form.

2. Fill in the form with your personal and asset details.

3. Submit the online application form.

Once you have submitted the form, our representative will connect with you to guide you on further steps.

Fees and charges of used tractor loan

Type of fee Applicable charges
Rate of interest 16% to 26% p.a.
Processing fees Up to 3% of the loan amount (inclusive of applicable taxes).
Documentation charges Up to Rs. Rs. 4,720 (inclusive of applicable taxes).
Flexi facility charge Term Loan - Not applicable

Flexi Term Loan - Up to Rs. 999 (inclusive of applicable taxes)

Flexi Hybrid Loan (as applicable below)
Up to Rs. 1,999 (inclusive of applicable taxes) for a loan amount up to Rs. 5,00,000*
Up to Rs. 3,999 (inclusive of applicable taxes) for a loan amount of above Rs. 5,00,000*
[Above charges will be added to the overall loan amount.]

*Loan amount includes approved loan amount, insurance premium, VAS charges, and documentation charges.
Stamp duty Payable as per state laws and deducted upfront from the loan amount.
Prepayment charges Full prepayment (foreclosure) charges
Term Loan: Up to 4.72% (inclusive of applicable taxes) on the outstanding loan amount payable by the borrower on the date of such full prepayment.
Hybrid Flexi Loan/ Flexi Term Loan: Up to 4.72% (inclusive of applicable taxes) of the total withdrawable amount as per the repayment schedule, during initial and subsequent tenure on the date of such full prepayment.
Part-prepayment charges
Term Loan: Up to 4.72% (inclusive of applicable taxes) of the principal amount of loan prepaid on the date of such part-prepayment.
Hybrid Flexi Loan/ Flexi Term Loan: NA
Bounce charges Rs. 1,000 per bounce.
“Bounce charges” shall mean charges for non-payment of instalment (s) on their respective due dates due to dishonour of payment mandate or non-registration of the payment mandate or any other reason.
Annual maintenance charges Term Loan - Not applicable

Flexi Hybrid Loan
Up to 0.59% (inclusive of applicable taxes) of the total withdrawable amount during initial tenure. Up to 0.295% (inclusive of applicable taxes) of total withdrawable amount during subsequent tenure.
Flexi Term Loan (Flexi Dropline)
Up to 0.295% (inclusive of applicable taxes) of the total withdrawable amount (as per the repayment schedule) on the date of levy of such charges.
Penal charge Delay in payment of instalment(s) shall attract penal charge of Rs. 32 per day per instalment from the respective due date until the date of receipt of the full instalment(s) amount.
Legal, repossession and incidental charges Up to Rs. 50,000 (inclusive of applicable taxes)
Stockyard charges Up to Rs. 250 per day up to 60 days (inclusive of applicable taxes) 
Broken period interest/ pre-EMI interest

(Applicable only to Monthly repayment mode)		 Method of recovery of "Broken period interest/ pre-monthly instalment interest" would be as follows:

Scenario 1: If loan is disbursed on 1st or post 10th of the month:

For Term Loan, Flexi Hybrid Loan, Flexi Term Loan (Dropline Flexi): BPI amount will be capitalised, i.e. added to principal amount on due date/ added to first instalment.

Scenario 2: If loan is disbursed between 3rd and 10th of the month:

First instalment will consist of interest for actual number of days.
NOC KIT NA
NOL (No Objection Letter) charges

(To convert from private to commercial or interstate transfer)		 Rs. 500 (inclusive of applicable taxes)
Loan rebooking charge Rs. 1,000 (inclusive of applicable taxes) – In case of rebooking requested by customer
Loan cancellation charge Rs. 2,360 (inclusive of applicable taxes) - In case of cancellation requested by customer. Interest till cancellation to be borne by customer.
Cancellation allowed till 90 days post disbursal date.
Platform fees Rs. 11 (inclusive of applicable taxes) will be charged for utilising the payment gateway to make part or full payments towards the loan through digital properties.

Compare loan varients

  • Flexi Hybrid Loan
  • Flexi Term Loan
  • Term Loan
What is it Allows flexibility in borrowing and repaying within a specified loan limit. You can withdraw and repay multiple times within the approved limit. Interest is charged only on the amount utilised.
Tenure 12 months – 60 months
(Interest-only EMI period can be up to 12 months)
EMIs Interest-only EMIs for the initial part of the loan tenure. EMI applicable only on the withdrawn amount.
Part-prepayment charges No part-prepayment charges.
Flexi facility charges *Nominal Flexi charges applicable.
*Refer to the fees and charges for details
What is it Offers flexibility in borrowing and repaying within a specified loan limit. Your EMIs cover both the principal and interest for the withdrawn sum over the entire duration.

Tenure
12 months – 60 months
EMIs Fixed EMIs only on the withdrawn amount.
Part-prepayment charges No part-prepayment charges.
Flexi facility charges *Nominal Flexi charges applicable.
*Refer to the fees and charges for details
What is it There is no pre-assigned limit. Involves borrowing a fixed amount for a specified term. Repayments are made through regular EMIs, comprising both principal and interest.
Tenure
12 months – 60 months
EMIs Fixed EMIs on the disbursed amount.
Part-prepayment charges *Nominal part-prepayment charges applicable.
Flexi facility charges No Flexi charges.
*Refer to the fees and charges for details

Frequently asked questions

Overview

Instalment

Repayment

What is a used tractor loan?

Bajaj Finance offers high-value used tractor loan of up to Rs. 8 lakh. You can qualify for this loan by meeting some basic eligibility criteria and submitting a few documents.

What is the maximum amount I can get for a used tractor?

Bajaj Finance offers used tractor loans of up to Rs. 8 lakh. This high-value loan allows you to fund your tractor purchase with ease.

What are the benefits of a used tractor loan?

Used tractor loans give you access to a high-value loan and help you purchase your tractor easily. Bajaj Finance offers used tractor loans that come with simple eligibility criteria and minimal documentation. 

How is the EMI for used tractor loan is calculated?

The EMI for a used tractor loan is calculated based on the loan amount, interest rate, and loan tenure. Lenders typically use the reducing balance method, where interest is calculated on the outstanding principal. The EMI formula is:

EMI = [P × r × (1 + r)^n] / [(1 + r)^n - 1]

Where:

• P = Loan amount
• r = Monthly interest rate
• n = Loan tenure (in months)

What are the tenure options for a used tractor loan?

With a Bajaj Finserv Used Tractor Loan, you can benefit from flexible repayment tenures ranging from 12 months to 60 months.

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Watch our videos

What are the documents required for Tractor Loan
 
 

What are the documents required for Tractor Loan

What are eligibility criteria for Tractor Loan
 
 

What are eligibility criteria for Tractor Loan

Features and benefits of a Used Tractor Loan
 
 

Features and benefits of a Used Tractor Loan

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Disclaimer

Bajaj Finance Limited has the sole and absolute discretion, without assigning any reason to accept or reject any application. Terms and conditions apply*.