Tractor Loan FAQ | FAQs on Tractor Loan

Tractor Loan Scheme FAQ

The financed vehicle will be hypothecated to the bank and charges of the bank will be mentioned on the registration certificate of the vehicle. For mortgage cases, agricultural land of the borrower will be mortgaged in favour of the bank.

Generally banks finance tractors made by all leading manufacturers in India. For specific model, you can contact the nearest branch of the bank.

The tractor loan amounts can be customised to suit your individual needs.
Yes, foreclosure is allowed with or without some penalty as per specific bank's rules and guidelines.
Yes, you can prepay the entire loan amount but you will have to pay a pre-payment fee on outstanding loan amount.
It can be maximum of upto 90% of the bank approved price on the specific model of tractor.
The down payment is the amount which the borrower needs to pay out of his pocket. Actually, down payment is a difference between the vehicle price and the tractor loan amount. The borrower can choose to make a higher down payment depending upon the finance option and his personal needs.
After the completion of all necessary post-sanction formalities by the you, the bank will remit the fund as per terms of sanction to the borrower immediately (within working hours of bank).
The frequency of repayment can be Monthly, Bi-Monthly, Quarterly or Half-Yearly. In particular cases, it will vary according to the product variants.
Government provide 25% subsidy for Tractor whose cost limited to Rs 30,000 for buying Tractors of up to 35 HP.

You will be required to submit following documents for getting Tractor Subsidy Scheme by Government of India:

  1. Applicant Aadhaar card
  2. Application form
  3. Applicant 7/12 extract
  4. Applicant bank account details

Mahindra, Tafe (Tractors and Farm Equipment Limited) and Escorts are the top 3 tractor companies in India.

Upcoming Bank Holidays

2018 November 23 is a bank holiday in Andaman And Nicobar Island due to Guru Nanak Jayanti/Kartika Purnima/Seng Kut Snem/Friday Following Eid-I-Milad-ul-Nabi.
2018 November 26 is a bank holiday in Karnataka due to Kanakadasa Jayanthi.
2018 December 03 is a bank holiday in Goa due to Feast Of St.Francis Xavier.
2018 December 05 is a bank holiday in Jammu And Kashmir due to Birthday Of Sheikh Mohammad Abdullah.
2018 December 10 is a bank holiday in Sikkim due to Losoong/Namsoong.
2018 December 12 is a bank holiday in Meghalaya due to Pa-Togan Nengminza Sangma.

Banks Account Service

ALL INDIA BANKS LIST
A B BANK LIMITED ABN-AMRO Bank N.V ABU DHABI COMMERCIAL BANK AIRTEL PAYMENTS BANK LIMITED
ALLAHABAD BANK American Express Banking Corp ANDHRA BANK Antwerp Diamond Bank NV
AU SMALL FINANCE BANK LIMITED AXIS BANK B N P PARIBAS BANDHAN BANK LIMITED
BANK OF AMERICA BANK OF BAHARAIN AND KUWAIT BSC BANK OF BARODA BANK OF CEYLON
BANK OF INDIA BANK OF MAHARASHTRA BANK OF TOKYO MITSUBISHI LIMITED BARCLAYS BANK
BHARATIYA MAHILA BANK LIMITED Calyon Bank CANARA BANK CAPITAL SMALL FINANCE BANK LIMITED
CATHOLIC SYRIAN BANK LIMITED CENTRAL BANK OF INDIA CHINATRUST COMMERCIAL BANK LIMITED CITI BANK
CITY UNION BANK LIMITED CORPORATION BANK DBS Bank Ltd DCB BANK LIMITED
DENA BANK DEUSTCHE BANK DHANALAKSHMI BANK EQUITAS SMALL FINANCE BANK LIMITED
ESAF SMALL FINANCE BANK LIMITED EXPORT IMPORT BANK OF INDIA FEDERAL BANK FINCARE SMALL FINANCE BANK LTD
HDFC BANK HSBC BANK HSBC BANK OMAN SAOG ICICI BANK LIMITED
IDBI BANK IDFC BANK LIMITED INDIAN BANK INDIAN OVERSEAS BANK
INDUSIND BANK JAMMU AND KASHMIR BANK LIMITED JP MORGAN BANK JSC VTB BANK
KARNATAKA BANK LIMITED KARUR VYSYA BANK KOTAK MAHINDRA BANK LIMITED Krung Thai Bank Public Co. Ltd
LAXMI VILAS BANK MASHREQBANK PSC MIZUHO CORPORATE BANK LIMITED NORTH EAST SMALL FINANCE BANK LIMITED
OMAN INTERNATIONAL BANK SAOG ORIENTAL BANK OF COMMERCE PUNJAB AND SIND BANK PUNJAB NATIONAL BANK
RBL Bank Limited SBM BANK MAURITIUS LIMITED SHINHAN BANK SOCIETE GENERALE
SONALI BANK LTD SOUTH INDIAN BANK STANDARD CHARTERED BANK STATE BANK OF BIKANER AND JAIPUR
STATE BANK OF HYDERABAD STATE BANK OF INDIA STATE BANK OF MYSORE STATE BANK OF PATIALA
STATE BANK OF TRAVANCORE SURYODAY SMALL FINANCE BANK SYNDICATE BANK TAMILNAD MERCANTILE BANK LIMITED
THE BANK OF NOVA SCOTIA THE NAINITAL BANK LIMITED UBS AG UCO Bank
Ujjivan Small Finance Bank Limited UNION BANK OF INDIA UNITED BANK OF INDIA UNITED OVERSEAS BANK LIMITED
UTKARSH SMALL FINANCE BANK VIJAYA BANK Woori Bank YES BANK
ZILA SAHAKARI BANK LTD