If you are planning to purchase a new tractor, you are likely exploring financing options to ease the financial burden. Buying a new tractor is a huge investment, and understanding how tractor loans work can help. In this guide, we'll walk you through essential considerations and shed light on the benefits of a tractor loan from Bajaj Finance.
Types of tractor loans:
Here are two types of tractor loans offered by Bajaj Finance.
New Tractor Loans
A new tractor loan is a financing solution designed for farmers or agri-businesses who wish to purchase a brand-new tractor without paying the full cost upfront. These loans come with very simple eligibility criteria and require just a few basic documents.
Bajaj Finance offers new tractor loans between Rs. 1 lakh and Rs. 35 lakh with flexible repayment tenures.
Used Tractor Loans
A used tractor loan helps you buy a pre-owned tractor without paying the full amount up front. It is useful for farmers who want a reliable machine at a lower cost. With this loan, you can repay in small EMIs, making it easier to manage your farm expenses and upgrade equipment.
Bajaj Finance provides used tractor loans between Rs. 1 lakh and 18 lakh that come with simple eligibility criteria and minimal paperwork. You can also benefit from flexible repayment tenures ranging between 12 months and 61 months.
Know more about used tractor loans
Features and benefits of tractor loans
Here are the main benefits of getting a tractor loan from Bajaj Finance:
- High-value loan amount
When you choose the Bajaj Finserv Used Tractor Loan, you can get loan of up to 100% of the tractor’s value. With the new tractor loan also, you can get up to 100% of the tractor’s value. - Convenient repayment tenures
We also offer flexible repayment plans to help you pay back the loan comfortably. For instance, new tractor loans come with tenures of 12 months to 85 months, while used tractor loans have tenures of 12 months to 61 months. - Sizeable loan amounts
With new tractor loans, you can get a substantial loan amount ranging from Rs. 1 lakh to Rs. 35 lakh. On the other hand, with used tractor loans, you can get a loan amount ranging between Rs. 1 lakh and Rs. 18 lakh. - Lightning-quick approvals
Gone are the days of queueing up at the bank and dealing with tiresome verification processes. We offer loans with instant approvals and minimal documentation.
Eligibility criteria for tractor loans
You only need to meet a few basic parameters to be eligible for a tractor loan.
- Nationality
- You should be an Indian citizen to be eligible for a tractor loan from Bajaj Finance.
- Customer profile
Salaried, farmers, self-employed individuals, and proprietors - Age
- To get a new tractor loan, you need to be between 18 and 80 years old*. For a used tractor loan, you must be between 18 and 80 years* of age.
*A higher age limit is applicable at the time of loan maturity.
Documents required for tractor loans
Bajaj Finance offers tractor loans that come with simple eligibility criteria and minimal paperwork. For both new tractor loans and used tractor loans, you will be asked to submit the following list of documents:
- You will be asked to share your KYC documents (Aadhar card or Voter ID card).
- Aside from this, you will need to submit your PAN card and bank statements.
Please note that some customers may be asked to submit a few additional documents during the loan application process.
Interest rates applicable to tractor loans
The interest rate applicable varies depending on the type of tractor loans you have opted for. For a new tractor loan, you are likely to be charged interest of up to 20% p.a.
If you are applying for a used tractor loan, you are likely to bear an interest rate of up to 26% p.a.
Conversely, if you already own a tractor, you may check out our tractor loan balance transfer. A balance transfer lets you switch your existing tractor loan to us at better terms and competitive interest rates.
