Are you a farmer or an aspiring agriculturist looking to upgrade your farming equipment? A tractor is an essential investment to prosper in farming. It improves the productivity of multiple activities such as planting, ploughing, tilling, harvesting, and so on. To increase the efficiency of work on your farm, you may consider investing in a tractor. Bajaj Finance brings you tailored tractor loans designed to meet your unique needs. In this comprehensive guide, we will look at the key aspects of tractor loans, including interest rates, eligibility criteria, and the required documentation.
Understanding tractor loans
In India, the price of a tractor starts around Rs. 2 lakh. The high-end models of tractors can cost more than Rs. 20 lakh. It can be a huge investment and you may fall short of funds to buy the tractor model of your choice. Tractor loans from Bajaj Finance can help provide financial assistance for purchasing tractors. Offering competitive interest rates and flexible repayment options, these loans aim to enhance agricultural productivity. With simplified documentation and quick approvals, Bajaj Finance empowers farmers to acquire modern agricultural equipment such as tractors with ease.
Types of tractor finance loans
Bajaj Finance offers a variety of tractor loan options to cater to different needs:
- Term Loan: Fixed monthly/quarterly/half-yearly repayments for a specified tenure.
- Flexi Term Loan: Monthly/quarterly/half-yearly repayments with flexibility based on usage.
- Hybrid Flexi Loan: Initial period with interest-only payments, followed by a tenure with combined principal and interest instalments.
Choose a loan type that aligns with your financial need.
Choosing the loan amount and tenure
You may want to purchase a base model or a high-end model. Gauge the output you are expecting from the tractor to shortlist tractor models with prices within your budget. Look at how the increase in productivity by reducing manual efforts on the farm will aid you to reach your financial goals. All these factors will help you understand the loan amount you will need and the repayment tenure that works best for you. With a tractor loan, get funds from Rs. 1 lakh up to Rs. 25 lakh to buy your tractor. You can repay the loan easily with a flexible tenure ranging from 12 to 84 months.
Eligibility criteria and documents required
There are just a few simple criteria to be eligible for a tractor loan from Bajaj Finance. You will need some documents as well to finish your application.
Eligibility criteria:
- You should be an Indian citizen.
- For a tractor loan, the applicant’s minimum age should be 18 years and the maximum age should be 65 years. A higher age limit is applicable at the time of loan maturity.
- Your CIBIL Score should be 720 or higher.
Documents required:
- Individual and business PAN cards
- Aadhaar/ passport/ voter’s ID/ driving license/ letter from NPR/ NREGA job card
- Current account bank statements for the last 6 months
- Recent colour photograph
Any additional documents that may be required will be communicated during the loan application process.
Empower your agricultural journey with Bajaj Finance
Avail a secured loan of up to Rs. 25 lakh to purchase your tractor. Enjoy flexible repayment tenures of up to 84 months, ensuring comfortable loan repayment. With minimal documentation, our tractor finance is easily accessible. And loan approvals take place within 24 hours* in most cases.
To conclude, although buying a tractor can be a significant investment, it can enable growth for farmers. A tractor loan can make it easy to get the finance to purchase a tractor. Take the first step, apply for a Bajaj Finance Tractor Loan today.
