Apply Tractor Finance, Loan for Tractor in HDFC Bank

Bank Loan  Updated date : December 6, 2017 11

With simplified documentation, and speedy approval, HDFC Bank offers Tractor Loans, making it easy for farmers and non farmers alike to invest in upgrading their machinery by buying new or pre-owned tractors.

✔ Tractor Loans 30 Minutes Approval
✔ 30 Minutes Approval
✔ Tractor Loans Hassle-free transaction
✔ Hassle-free transaction
✔ Tractor Loans Low Interest Rates
✔ Low Interest Rates
✔ Tractor Loans Easy Documentation
✔ Easy Documentation

Tractor Loan Features

  • Loans on Tractors from Reputed Companies
    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.
  • High Loan Amounts
    Get up to 90% finance on your favourite tractor through this loan.
  • Easy Repayment Terms
    With competitive rates of interest, and a flexible tenure of 12 to 84 months, you can use post-dated cheques (PDCs)/SI/ECS/ACH to easily repay the loan.
    Tractor Plus Protection
    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. Credit Shield provides cover for accidental death or permanent total disability of the customer along with amount equivalent to the outstanding in loan account.
  • Loan Without Collateral
    HDFC Bank's Tractor Loan can be availed of with or without additional collateral.
  • Service Across Sectors
    Our Tractor Loan isn't restricted only to farmers. Non farmers are also eligible to avail of a loan.
  • The HDFC Benefit
    Enjoy triple benefits when you take a Tractor 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

Tractor Loan Eligibility Criteria

Both farmers and non farmers can avail of an HDFC Bank Tractor Loan, as long as they fulfil the following criteria:

FarmerNon Farmer
  • Minimum 18 years of age
  • Maximum age of 60 on the date of funding
  • Minimum income of Rs. 1 lakh per annum
  • Minimum 3 acres of agricultural land required
  • Minimum 18 years of age
  • Maximum age of 60 on the date of funding
  • Minimum income of Rs. 1.50 lakh per annum
  • A telephone line (Owned, PP Landline or Mobile) is mandatory

Tractor Loan Documentation

The following documents are required along with your HDFC Bank Tractor Loan Application:

FarmerNon 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.
  • 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.
  • 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.
  • 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 Loan Rates & Fees

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 chargesTractor Loans
Processing Fee *2% of Loan Amount
Pre-payment / Part Payment Charges *6%  - if within 6 months from the date of disbursement on the principal outstanding   
4%  - After 6 months and before 12 months from the date of disbursement on the principal outstanding   
 2% - After 12 months from the date of disbursement on the principal outstanding   
Loan cancellation In the event of cancellation, Interest charges will be borne by the customer. Processing Fee, Stamp duty and RTO charges are non-refundable charges and would not be waived/refunded in case of loan cancellation.
Late Payment penalty2% per month on unpaid installments
Legal, Repossession & Incidental chargesAt actuals
Stamp Duty & other Statutory ChargesAs per applicable law
CIBIL Charges (only on request)Rs. 50/- per instance
Duplicate No Due Certificate / NOCRs. 500/- per Instance
Duplicate Amortization Schedule ChargesRs 200/- per schedule 
Cheque / ECS / SI Swap ChargesRs. 500/- per Instance
Collateral & ACH Documentation Charges *Rs. 750 per case
Loan Reschedulement / Re-booking chargesRs. 1000/-
Cheque / SI / ECS Return Charges *Rs. 550/- per Instance 
Documentation charges (For Agri Mortgage and Used Tractor Valuation Cases) *Rs. 3000/- 

Note : Where ever notified GST and other government levies, as applicable, would be charged additionally at the applicable rates.

Average Rates offered to customer during the period of Jul'17 to Sep'17

Bank IRR
Min IRRMax IRRAvg IRR
14.00%22.09%16.61%

Average Annual Percentage Rate offered to customer during the period of Jul'17 to Sep'17

APR
Min APRMax APRAvg APR
14.23%22.99%16.98%

*Exclusive of GST

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