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Your Tractor Loan Balance Transfer with us

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Tractor Loan Balance Transfer

Minimal documentation | Funds up to Rs. 8 lakh | Tenure up to 60 months
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Refinance your Tractor Loan for better terms
 
 
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Trusted by 3 lakh+ customers

Tractor Loan Balance Transfer
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/tlbt-feature-icons/Tractor_BT_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/tlbt-feature-icons/Tractor_BT_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/tlbt-feature-icons/Tractor_BT_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 three different loan variants - Term Loan, Flexi Term and Flexi Hybrid Loan. You can opt for the one that suits your requirements.

  • Quick processing

    Meet our simple eligibility criteria and complete some basic paperwork to get quick approval.

  • Loan up to Rs. 8 lakh

    Get a top-up loan of up to Rs. 8 lakh when you transfer your existing loan with us.

  • Multiple tenure options

    Benefit from our flexible tenure options and repay your loan easily over a repayment period of up to 60 months.

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Eligibility and documents

Bajaj Finance offers tractor loan balance transfer 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 tractor loan balance transfer

How to apply for a Tractor Loan Balance Transfer
 

How to apply for a Tractor Loan Balance Transfer

A step-by-step guide to applying for a tractor loan balance transfer


1. Click on ‘APPLY to open the online application form.

2. Enter your personal and asset details in the online form.

3. Complete the application form and submit it.

After your form submission is completed, our representative will connect with you to guide you on next steps.

Fees and charges of tractor loan balance transfer

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.

Frequently asked questions

Overview

Instalment

Repayment

What is a tractor loan balance transfer?

A tractor loan balance transfer involves transferring the outstanding loan amount from one lender to another, usually to benefit from a lower interest rate or better loan terms. Bajaj Finance offers high-value top-up loans of up to Rs. 8 lakh with tractor loan balance transfer.

What is the rate of interest on a tractor loan balance transfer?

Bajaj Finance offers competitive interest rates on tractor loan balance transfer. The interest rate starts at 16% p.a.

What are the benefits of a loan against tractor?

A tractor loan balance transfer offers several benefits, including lower interest rates, which can reduce your monthly EMI and overall loan cost. It also provides the option for a longer loan tenure, making EMIs more affordable. Bajaj Finance offers tractor loan balance transfer that come with simple eligibility criteria and minimal documentation.

How is the EMI for a tractor loan balance transfer is calculated?

The EMI for a tractor loan balance transfer is calculated similarly to a regular loan. It depends on the new loan amount (which can be the outstanding balance or an increased amount), the interest rate offered by the new lender, and the loan tenure. The reducing balance method is typically used, where interest is calculated on the remaining loan balance.

The EMI formula is:

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

Where:

• P = Loan amount (balance to be transferred)
• r = Monthly interest rate
• n = Loan tenure (in months)

What are the tenure options for a tractor loan balance transfer?

Bajaj Finance offers tractor loan balance transfer with flexible repayment tenure options. When you transfer your existing transfer with us, you can benefit from the extended repayment period of up to 60 months.

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Watch our videos

Features and benefits of a Tractor Loan Balance Transfer
 
 

Features and benefits of a Tractor Loan Balance Transfer

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

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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*.