New Tractor Loan

Type of fee

Applicable charges

Rate of interest

Up to 20% p.a.

Processing fees

Up to 3% of the loan amount (inclusive of applicable taxes)

Documentation charges

Up to Rs. 4,720 (inclusive of applicable taxes)

Stamp duty (as per the respective state)

Payable as per state laws and deducted upfront from 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

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

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.

Penal charge

Delay in payment of instalment(s) shall attract penal charge of Rs. 54 per day per instalment from the respective due date until the date of receipt of the full instalment(s) amount.

Legal and other incidental charges

Recovery of charges

Repossession of Vehicle Charges

Recovery of charges

Vehicle Valuation Charges

Recovery of charges

Auction Charges

Recovery of charges

Stockyard charges

Up to Rs. 250 per day up to 60 days (inclusive of applicable taxes) 

NOL (No Objection Letter) charges

(To convert from Private to commercial or Interstate Transfer)

Rs. 500 (inclusive of applicable taxes)

(Will be charged separately for tractor and registered implements)

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.