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Who is eligible to get a tractor loan?

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Who is eligible to get a tractor loan?

The applicant has to be at least 18 years of age to avail a tractor loan. The maximum age of the applicant, as on the date of funding, will have to be 60 years. The minimum annual income of the applicant should be Rs. 1,50,000.

Do banks give loans for tractors?

The best tractor financing programs require credit scores over 680 but there are programs in the marketplace for most credit profiles. Often, tractors can be financed with FICO scores all the way down to 500 based on cash flow, collateral, or other factors.

Can I get a tractor loan?

Yes, tractor financing is available even if you have a low credit score.

How long will a bank loan on a tractor?

These loans can often be used to purchase either new or used equipment, and generally have terms in the range of one to five years.

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What kind of loan is tractor loan?

Tractor loans are loans provided to farmers or businessmen to buy new or pre-owned tractors. Such tractors can be used for agricultural or commercial purposes. A farmer has to own a minimum of three acres of agricultural land to qualify for a tractor loan, though this could vary from lender to lender.

How do I get a tractor subsidy?

What are the documents required for Pradhan Mantri Kisan Tractor Yojana?

  1. Applicant must have their aadhaar card.
  2. Applicant must have land documents.
  3. Applicant must have voter ID card, PAN card, passport and driving license.
  4. Applicant must have bank account passbook.
  5. Applicant must have their mobile number.

Is it hard to get a loan for a tractor?

If you have good credit, financing options can be plentiful, with low-interest options that offer long-term financing. Tractor financing for bad credit, on the other hand, can be more difficult. For those with poor borrowing histories, the road to securing that tractor is a little bumpy.

What is a farm equipment loan?

Farm equipment loans are small business loans that provide farms with the financing they need to purchase farm equipment. Once a farm uses the proceeds of farm equipment financing to purchase the equipment they need, that equipment will function as collateral for the very loan used to purchase it.

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What is tractor financing?

Is it hard to get financing for a tractor?

Financing a tractor—or any other equipment you need—is a critical step in getting a farm up and running. Tractor financing for bad credit, on the other hand, can be more difficult. For those with poor borrowing histories, the road to securing that tractor is a little bumpy.

How do I get a subsidy for a tractor?

Tractor Subsidy in India

  1. Rashtriya Krishi Vikas Yojana (RKVY)
  2. Sub-Mission on Agricultural Mechanization (SMAM)
  3. National Food Security Mission (NFSM)
  4. NABARD loans in India.
  5. PM Kisan Tractor Scheme.
  6. Agricultural Equipment Grant Scheme.
  7. Subsidy Scheme on Agricultural Equipment.

How much is a subsidy on a tractor?

Benefits: Small, Marginal, and SC&ST farmers: 35\% subsidy on Tractor and 50\% subsidy on purchase of other implements. Other farmers 25\% of Tractors cost and 40\% subsidy on purchase of other equipment’s. Banks can also apply for the scheme in order to provide the loan to the farmers.

Which is the Best Tractor finance company in India?

Tractor Loan Mahindra Finance is amongst the top tractor financers in India and offers a wide range of financial products. Now, you can purchase tractors and farm implements for farming as well as commercial use easily with our farm equipment loans. Get loans on a wide range of tractors and tractor implements without mortgaging of land.

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Can I get a farm equipment loan for a tractor?

Now, you can purchase tractors and farm implements for farming as well as commercial use easily with our farm equipment loans. Get loans on a wide range of tractors and tractor implements without mortgaging of land. The loan process is easy with flexible documentation requirements suited to your needs.

Why Mahindra Finance for farm equipment loans?

Mahindra Finance is amongst the top tractor financers in India and offers a wide range of financial products. Now, you can purchase tractors and farm implements for farming as well as commercial use easily with our farm equipment loans. Get loans on a wide range of tractors and tractor implements without mortgaging of land.

What is the interest rate on a tractor loan?

Interest Rate:2.00\% above one year MCLR. Insurance: Comprehensive insurance of tractor, accessories and implements purchased with bank’s finance. Minimum land holding of 2.00 acres.