HDFC Tractor Loan Eligibility

HDFC

Why take a Tractor Loan from HDFC Bank?

Whatever be your need we have a loan for you. Over the years we have won the trust of our customers and have become market leader in loan products. 

Enjoy triple benefits when you take a Loan from HDFC Bank:

  • Faster loan - Our loan sanction and disbursal is one of the quickest with easy documentation and doorstep service.
  • Competitive pricing – Our loan rates and charges are very attractive
  • Transparency – All charges are communicated up front in writing along with the loan quotation

Features and Benefits of Tractor Loans

Do you want to upgrade your farming vehicle but are short of funds? Are you looking for tractor loans that can give you maximum funding at great rates of interest? Choose HDFC Bank's Tractor Loan to fulfill your agricultural needs.

  • Tractor Brand: Were you thinking of buying a tractor for getting better yields of crop? Go right ahead. As far as your chosen tractor is made by any reputed tractor manufacturer in India, it will be eligible for a loan.
  • Loan amount: Are you looking to maximize funding options for your tractor purchase? You can get as much as 90% finance on your favourite tractor through this loan.
  • Repayment: Pay back your loans within a period of 12 to 84 months. You can use post dated cheques (PDC) or cash collection as preferred repayment methods.
  • Quick processing: We are known for our speedy processing times and hassle free documentation.
  • Tractor Plus: You can get finance on the first year or combined finance on the first, second and third year along with motor insurance premium with Credit Shield. What is "Credit Shield" you ask? It means that we will cover the insurance for accidental death or permanent total disability of the customer along with amount equivalent to the outstanding in loan account. Get in touch with us to know more about this scheme NOW!

Eligibility and Documentation of Tractor Loans

Get details on eligibility criteria & documents required for HDFC Bank Tractor Loans

Both farmers and non-farmers can apply for this loan. Their eligibility criteria are as follows:

FARMER NON FARMER
  • Minimum Age Of The Applicant Should Be 18 Years
  • Maximum Age Of The Applicant Should Be 60 Years On The Date Of Funding
  • Income Should Not Be Less Than Rs. 1.00 Lakh Per Annum
  • Minimum 3 Acres Of Agricultural Land Required
  • Minimum Age Of The Applicant Should Be 18 Years
  • Maximum Age Of The Applicant Should Be 60 Years On The Date Of Funding
  • Income Should Not Be Less Than Rs. 1.50 Lakh Per Annum
  • A Telephone (Owned / PP Land Line Or Mobile) Is Mandatory

The documents required for getting a Tractor Loan are as follows:

FARMER NON FARMER
  • Proof Of Identity: Passport Copy / PAN Card/ Voter's ID / Driving Licence / Self Affidavit With Photograph Of Customer And Signature Across Duly Notarised / Photocopy Of The Bank Pass Book Front Page Giving Name, Address Photograph Of The Customer Attested By The Bank / Photo Of Customer Attested By The Banker On A Separate Paper.
  • Latest Land Records: They Should Not Be More Than 3 Months Old.










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  • Address Proof: Copy Of Land Extracts / Ration Card / Akarni Patrak / Property Card / Tax Receipt /Talati Or Patwari Or VAO Certificate Certifying That The Applicant Is A Resident Of The Village Is Required.

  • Signature Proof: Copy Of Driving Licence / Copy Of PAN Card / Self Affidavit With Photograph Of Customer And Signature Across Duly Notarised / Present Banker Verification Bank Statement For Last 6 Months If Available
  • Proof Of Identity: Passport Copy / PAN Card/ Voter's ID / Driving Licence / Photocopy Of The Bank Pass Book Front Page Giving Name , Address Photograph Of The Customer Attested By The Bank / Photo Of Customer Attested By The Banker On A Separate Paper.







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  • Bank Statements: Bank Statements Of Last 6 Months, A Copy Of Repayment Track For Vehicle (Not Older Than 1 Year) , Income Papers I.E. IT Returns / Contract Papers ,Copy Of Work/Transport Contracts, If Any, Are Required.

  • Address Proof: Electricity Bill / Municipal Tax Receipt / Society Bill / Agreement Copy / Telephone Bill Will Suffice.








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  • Signature Proof: Copy Of Driving Licence / Copy Of PAN Card / Present Banker Verification. A Certified True Copy Of Partnership Deed / Memorandum & Articles Of Association Will Be Required In Case Of Partnership Firms And Limited Companies Respectively.

 

Tractor Loans Interest Rates & Charges

Enclosed below are HDFC Bank Tractor Loans Interest Rates & Charges

Here is an exhaustive list of all the fees and charges to be paid for the Tractor loan:

Description of charges Tractor Loans
Processing Fee 2% Of Loan Amount


Service Tax And Other Government Levies, As Applicable, Would Be Charged Additionally At The Applicable Rates.

Pre-Payment Charges - 4% If Before 12 Months From Date Of Disbursement 
- 2 % If After 12 Months From The Date Of Disbursement


Service Tax And Other Government Levies, As Applicable, Would Be Charged Additionally At The Applicable Rates.

Duplicate No Due Certificate / NOC* Rs. 500/- Per Instance
Duplicate Amortisation Schedule Charges* Customer Can Download The Schedule From NetBanking Free Of Cost. Rs. 200/- Per Schedule Would Be Charged At Customer Service Desk.
Cheque/ ECS Swapping Charge* Rs. 500/- Per Instance
Cheque/SI/ ECS/Installment Return Charges Rs. 550/- Per Instance


Service Tax And Other Government Levies, As Applicable, Would Be Charged Additionally At The Applicable Rates.

Documentation Charges (For Agri Mortgage Cases) Rs.1500/-


Service Tax And Other Government Levies, As Applicable, Would Be Charged Additionally At The Applicable Rates.

Part Payment Charges 4% If Before 12 Months Or 2% After 12 Months From Date Of Disbursement On The Principal To Be Repaid


Service Tax And Other Government Levies, As Applicable, Would Be Charged Additionally At The Applicable Rates.

Loan Rebooking  Charges* Rs.1000/-
Collateral Charges Rs.300/-


Service Tax And Other Government Levies, As Applicable, Would Be Charged Additionally At The Applicable Rates.

Stamp Duty At Actuals
Late Payment Penalty 2% Per Month On Unpaid Installments
Legal, Repossession & Incidental Charges At Actuals
CIBIL Charges (Only On Request) Rs. 50/- Inclusive Of Service Tax
Loan Cancellation Charges In The Event Of Cancellation, Interest On Cancellation To Be Paid By  Customer, Rs. 1000/- Along With Processing Fees And Stamp Duty

Average Rates offered to customer during the period of Apr'16 to June'16

Bank IRR
Min IRR Max IRR Avg IRR
13.60% 21.95% 16.49%

Average Annual Percentage Rate offered to customer during the period of Apr'16 to June'16

APR
Min APR Max APR Avg APR
13.70% 22.94% 16.84%

* Exclusive of Service Tax

FAQ

 

Do you want to repay the loan earlier than the due date?

If you want to repay your loan earlier than the due date, feel free to do so.

Can I pre-pay the entire loan amount?

Yes, you will have to pay a pre-payment fee of 4% if you pay your entire loan before 12 months from the date of disbursement. You will have to pay a pre-payment fee of 2 % if you pay your loan after 12 months from the date of disbursement.

Is a guarantor required?

You will require a guarantor in all cases except certain segments where you have offered agricultural land as additional collateral.

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

If your tractor is made by a leading automobile manufacturer in India, you can get a loan.

Who is eligible for a tractor loan?

Whether you are a farmer or not, you can avail HDFC Bank's Tractor loan for agricultural or commercial purposes. If you are a farmer, you must have a minimum of 3 acres of agricultural land.