Magma Tractor Loan Eligibility

Magma

MAGMA FINCORP TRACTOR LOAN OFFERS

  • Loans for all brands of tractors.
  • Loans for used tractors also.
  • Highest tractor loan disbursement amount in the market.
  • Tractor Loans upto 90-95% of the tractor price.
  • Loans to farmers living even in deep rural areas of the country, where other financiers have not ventured out.
  • Magma Fincorp provides Tractor loans in many states across India such as in
    Andhra Pradesh, Telangana, Tamil Nadu, Maharasta, Punjab, Uttar Pradesh, Madhya pradesh, Rajasthan, Karnataka, Kerala, West bengal, Orissa, Jharkhand, Bihar, Gujarat, Haryana & More.
  • For more detail fill up the form in this page and we will get back to you at the earliest.

MAGMA FINCORP PROMISES TRACTOR LOANS

  • Flexible tractor loan documentation
  • Loans available for farmers based on land holdings.
  • Loans from marginal to high-end farmers (based on land holdings)
  • Loan repayment options in monthly, quarterly, or half-yearly cash installments and Security Post Dated Cheques.
  • Fresh loans without land holding documents for existing Magma tractor loan customers with good repayment records for 12 months or more.
  • Affordable Tractor loan interest rates

ELIGIBILITY

AGRICULTURAL SCHEME

  • Minimum of 2 acres of land ownership required
  • Guarantor required
  • Tractor Loans are disbursed based on land holdings – higher the land holding, higher is the loan amount

TATKAL SCHEMES

  • No guarantor required
  • No land ownership documents required

COMMERCIAL USE SCHEME

  • Property ownership documents required
  • Residence stability of 3 years required
  • Guarantor required

    LOANS INTEREST RATE & CHARGES

    TRACTOR LOAN INTEREST RATE

  • Our Interest Rates of Tractor Loan vary from 16% to 20% depending on a host of factors. Magma has customized schemes to meet the needs of the customer
  • Foreclosure Charges

  • 5% of the Principal Outstanding for pre-closures beginning 6 months after date of agreement
  • No foreclosure allowed within 6 months from date of availing the tractor loan
  • LATE PAYMENT PENALTY

  • 3% per month