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HDFC Tractor Loan

HDFC Bank Tractor Loan: Highlight

Last Updated 18th Oct 2021

  • HDFC Bank offers tractor loans to the farmers as well as non-farmers to meet their agricultural needs.
  • You can avail HDFC tractor loan with or without an additional collateral requirement.
  • Avail this loan by submitting a few documents at a competitive interest rate.
  • You can get up to 90% of the tractor's cost as loan amount, which also covers accessories, registration, and insurance through Credit Shield.
  • Apply for the loan by visiting the HDFC’s nearest bank branch or logging into the HDFC Bank website. Check Best Offers
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Tractor Loan from HDFC Bank

HDFC offers tractor loans to the farmers to meet their agricultural needs. HDFC Bank tractor loan can be taken to buy a new or an old tractor to modernize the farming techniques. The loan is offered at a competitive interest rate of up to 23%, and you can repay the loan within 12 months to 84 months. Moreover, HDFC Bank offers 90% of the tractor amount as the loan amount, which gets disbursed within a few minutes to days.

What are the Features and Benefits of Tractor Loans by HDFC Bank

Avail of the following features and benefits with HDFC bank tractor loan:-

  • Loan available for the new tractor as well as pre-owned tractor
  • Non-farmers can also apply for the HDFC tractor loan
  • Avail up to 90% of tractor’s cost as loan amount, cost of accessories, insurance and registration cost also covered
  • Competitive interest rate
  • You can get a customised loan offer if you meet all requirements asked by the bank
  • Avail HDFC tractor loan within some time, quick disbursal
  • Submit few documents for tractor loan hdfc
  • Flexible repayment option: Monthly, quarterly and half-yearly
  • Repay loan with post-dated cheques (PDCs)/ Standing Instruction/ECS/ ACH

What is the Eligibility Criteria for HDFC Tractor Loan?

You must fulfil HDFC tractor loan eligibility to avail of this loan:-

For Farmers

  • You must be minimum of 18 years of age and maximum of 60 years old
  • Your yearly income should be a minimum ₹1 lakh
  • Your agricultural land should be minimum of 2-3 acres

For Non-Farmers

  • You must be between 18 years to 60 years at the time of financing
  • Yearly income should be more than ₹1.50 lakh
  • Must have a telephone line (landline or mobile)

Documentation of HDFC Tractor Loans

For Farmers

  • Identity proof: Aadhar card, PAN card, Passport
  • Address proof: Voter Id card, Driving License, PAN card, Utility bill
  • Land Record: Last three months land records
  • Income proof: Bank statement of last three months
  • Signature proof: Banker verification/Copy of PAN card/ Copy of driving license
  • Registration certificate of existing asset

For Non-Farmers

  • Identity proof: Aadhar card, PAN card, Passport
  • Address proof: Voter Id card, Driving License, PAN card
  • Telephone bill: Last three months telephone bill
  • Income proof: Bank statement of last six months
  • Signature proof: Banker verification/Copy of PAN card/ Copy of driving license
  • Registration certificate of existing asset

HDFC Bank Tractor Loans Interest Rates & Charges

HDFC tractor loan interest rate currently goes up to 23%.

For Farmers

HDFC tractor loan interest rate 202112.93% to 23%
Details of Service Charge For Tractor Loan Charges
Loan cancellation Processing Fee, Stamp duty and RTO charges are non-refundable
Late Payment penalty 2% per month on unpaid installments
Legal, Repossession & Incidental charges At actuals
Stamp Duty & other Statutory Charges As per applicable law
CIBIL Charges (only on request) ₹50 per instance
Duplicate No Due Certificate / NOC ₹500 per Instance
Duplicate Amortization Schedule Charges₹ 200 per schedule
Cheque / ECS / SI Swap Charges₹ 500 per Instance
Collateral & ACH Documentation Charges ₹ 750 per case
Loan Reschedulement / Rebooking charges ₹ 1000
Cheque / SI / ECSReturn Charges ₹ 550 per Instance
Used Tractor Valuation Cases)₹ 3000/-

For Non-Farmers

HDFC tractor loan interest rate 202112.93% to 23%
Details of Service Charge For Tractor Loan Charges
Loan cancellation Processing Fee, Stamp duty and RTO charges are non-refundable
Late Payment penalty 2% per month on unpaid installments
Legal, Repossession & Incidental charges At actuals
Stamp Duty & other Statutory Charges As per applicable law
CIBIL Charges (only on request) ₹50 per instance
Duplicate No Due Certificate / NOC ₹500 per Instance
Duplicate Amortization Schedule Charges₹ 200 per schedule
Cheque / ECS / SI Swap Charges₹ 500 per Instance
Collateral & ACH Documentation Charges ₹ 750 per case
Loan Reschedulement / Rebooking charges ₹ 1000
Cheque / SI / ECSReturn Charges ₹ 550 per Instance
Documentation charges (For Agri Mortgage and Used Tractor Valuation Cases)₹ 3000/-

Why take a Tractor Loan from HDFC Bank?

HDFC bank can be your option because of the following reasons:-

  • Maximum loan tenure 84 months
  • Avail with or without additional collateral
  • Get finance on the first year or combined on the first, second or third year
  • Get a motor insurance premium with Credit Shield. It will cover accidental death or permanent total disability.

How to Apply For a Tractor Loan?

Tractor loans from HDFC bank can be applied online as well offline. If you wish to avail yourself offline, you can go to the nearest HDFC bank and meet the customer executive. To apply online, perform the following steps:-

  • Login to HDFC Bank website
  • Fill in the personal information, work information, income, etc
  • Upload the required documents

FAQs

What is the minimum loan amount under tractor loan in HDFC Bank?

HDFC Bank allows a farmer or a non-farmer to take a loan for up to 90% of the tractor’s cost. For example, if the price of a tractor is ₹ 5 lakh, then HDFC will give you a maximum loan amount of ₹ 4,50,000.

How long can an HDFC tractor Loan be financed?

You can get a tractor loan amount credited to your account within a day to 15 days. If you submit all the documents carefully, then your loan gets credited soon.

Can I get a tractor loan for any tractor I want to purchase?

Yes, you can avail HDFC tractor loan for any tractor of any company and any model. You can also avail tractor loan for a used tractor. It is just like any other auto loan.

What are the terms for HDFC Tractor Loans?

If you want to avail of this loan, then you must fulfill the eligibility criteria:- i) You must be between 18 years to 65 years ii)Minimum income should be more than ₹ 1lakh annually iii)Must have 2-3 acres of land (for farmer).

Are HDFC Tractor Loans available for farmers?

Yes, HDFC tractor loan is available for farmers as well as non-farmers. If a farmer is availing a loan, they must have 2-3 acres of agricultural land, whereas, for non-farmers, it is not a requirement.

What are the processing fees for HDFC Bank Tractor Loan?

HDFC Bank charges 2% of the loan amount as the processing fees. In addition, there are various other fees also which one needs to pay while availing of this loan.

What is the standard loan tenure for a new tractor loan?

The standard loan tenure for a new tractor loan is 12 months to 84 months. Meaning you can repay the loan in a minimum of 12 months and a maximum of 84 months.


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