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Tractor Loan Balance Transfer

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

/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.

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_3_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

  • 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 61 months.

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

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

Up to 26% 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

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.

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 (i) dishonour of any payment instrument; or (ii) 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 installment (s) shall attract Penal Charge at the rate of 24% per annum per instalment from the respective due date until the date of receipt of the full instalment(s) amount.

Repossession of Vehicle Charges Recovery of Charges
Vehicle Valuation Charges Recovery of Charges
Auction Charges Recovery of Charges
Legal and Other Incidental charges Recovery of Charges

Stockyard charges

Recovery of Charges

NOL (No Objection Letter) charges

(To convert from private to commercial or interstate transfer)

Up to Rs. 500 (inclusive of applicable taxes)

Loan rebooking charge

Up to Rs. 1,000 (inclusive of applicable taxes) – In case of rebooking requested by customer

Loan cancellation charge

Up to 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.

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 can go up to 26% 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 61 months.

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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*.