If you are planning to purchase a new tractor, you are likely exploring financing options to ease the financial burden. Buying a new tractor is a huge investment and understanding how tractor loans work can help. In this guide, we'll walk you through essential considerations and shed light on the benefits of a tractor loan from Bajaj Finance.
1. Types of tractor loans:
To finance your tractor purchase, you can explore three loan types that Bajaj Finance offers.
- Term Loan: It is a regular loan with a fixed loan tenure and fixed monthly instalments. You will have to make the payments as per the predetermined tenure.
- Flexi Term Loan: If you choose this loan type, you will get a pre-assigned loan limit with a fixed term. You will be able to withdraw funds as many times as you want from this loan limit as per your need. Your monthly instalments will be adjusted accordingly and will include the principal and interest amounts.
- Flexi Hybrid Loan: This loan variant gives you the convenience of paying interest-only EMIs in the initial tenure. You can pay the principal and interest in the subsequent tenure.
With the Flexi Loan facility, you just need to pay interest only on what you borrow. This facility gives you the flexibility to plan your repayments easily.
2. Loan amount and tenure:
With a tractor loan from Bajaj Finance, get funds from Rs. 1 lakh up to Rs. 25 lakh. You can choose a repayment tenure from 12 to 84 months as per your financial capabilities.
3. Interest rates:
Bajaj Finance offers interest rates ranging from 12% to 20% per annum.
4. Purpose of loan:
Ensure that the loan aligns with your intended purpose. The Bajaj Finserv Tractor Loan is specifically designed for the purchase of new tractors. You can use the loan only for the purchase of a new tractor and meet related costs.
A new tractor can make working with the land easier. To finance this new tractor and thrive in farming, consider a tractor loan from Bajaj Finance.
