Agriculture is one of the major sources of livelihood of the Indian population. A substantial part of India lives in remote places and are dependent on farming to earn their bread and butter. Therefore, rural and semi-urban regions witness huge demand for finance from buyers of tractors, harvesters and other farm equipment. A tractor is an essential component of farming along with rotavators, micro-irrigation systems, trans planters, etc. With an increasing number of farmers adopting mechanized farming methods, farm mechanization has amazingly advanced and so is the scope for offering accessible tractor loans for farmers.
Benefits of Tractor Loan:
1. Applying for tractor loan does not require collateral or security against the loan.
2. It is a hassle free transaction and has faster approvals.
3. Farmers and agricultural businesses get attractive tractor loan interest rates.
4. You can get up to 90% finance on your tractor.
5. Both farmers and non- farmers ( but should be involved in the agriculture industry)
Documents Required for the Tractor Loan:
1. Min. 1 and Max. 2 latest passport size coloured photographs.
2. Anyone of the Identity Proofs among Voter ID Card / Aadhar Card / Passport / Driving License / Bank Sign Verification along with the photo.
3. Anyone of the Age Proofs among Voter ID Card with DOB, PAN Card, Passport, Driving License, Aadhar Card, Mark Sheet with DOB
4. Sign Verification Document – PAN Card /Driving License / Passport
5. Ownership Proof – Tax Bill / Electric Bill / Water Bill / Gas Bill / Possession Letter
6. Income Proof – 7/12 and 8A extract / Work Order
7. Last six months Bank Statement of all bank accounts