Get a used tractor loan of up to Rs. 8 lakh with minimal documentation and fund your tractor purchase with ease and repay comfortably over longer tenures of up to 61 months.
Meet our basic eligibility criteria and qualify for a high-value used tractor loan.
Calculate your tractor loan EMIs
Instantly estimate your monthly instalments on your loan and interest payable.Features and benefits
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High-value finance
Benefit from our asset-based financing. Get up to 100.00% of the tractor’s value at a competitive interest rate with our used tractor loan.
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Loan up to Rs. 8 lakh
Get funds up to Rs. 8 lakh and fund your used tractor purchase with ease.
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Multiple tenure options
Repay your loan easily with tenure ranging from 12 months to 61 months.
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
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 | 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 instalment (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
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.
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.
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.
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)
With a Bajaj Finserv Used Tractor Loan, you can benefit from flexible repayment tenures ranging from 12 months 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*.