Federal Bank Tractor Loan Interest Rate at 10.85% - 14.40% as on Apr 2024

Federal Bank Tractor Loan Interest Rate (Updated on Apr 2024)

INTEREST RATE	10.85% - 14.40%
LOAN AMOUNT	Up to 75% of ex showroom price for new vehicles. For used vehicles, 80% of depreciated / market / purchase value whichever is less. Max. Rs 10 lakh.
LOAN TENURE	Maximum 120 Months
MARGIN REQUIRED	25%
PROCESSING FEE	2% to 3% of loan amount
PREPAYMENT CHARGES	As per bank's policy

Federal Bank Details

• BANK OFFICIAL WEBSITE - www.federalbank.co.in
• CONTACT NUMBERS - 18004251199, 18004201199, 0484-2630994, 0484-2630995, 080-61991199
• EMAIL ID - [email protected]
• MISSED CALL NO. - 8431900900
• CUSTOMER CARE NO. - 18004251199, 18004201199
• TOTAL BRANCHES - 1639
• HEADQUARTER - Kochi
• BANK ADDRESS - Federal Towers, Post Box No 103, Aluva, Kochi-683101, Kerala

Purpose of Federal Bank Tractor Loan

With our Agri Mobile loan, get finance for new or used vehicles for agricultural needs.

Features & Benefits of Federal Bank Tractor Loan

• Financing available for New as well as Used Tractors
• Get up to 90% finance on your tractor
• Affordable Tractor loan interest rates
• The Loan amount will cover the cost of tractor, accessories, implements, insurance and registration expenses.
• Customized financing solutions to meet individual requirements
• Minimal documentation, quick processing and faster disbursements
• Loan can be availed of with or without additional collateral
• Flexible loan tenure
• Facility of Monthly, Quarterly and Half yearly repayment
• You can use post-dated cheques (PDCs)/ Standing Instruction/ECS/ ACH to easily repay the loan
• Non farmers are also eligible to avail of a loan

Eligibility Criteria for Federal Bank Tractor Loan

Individual / Joint, Sole Proprietary Concerns, Partnership Firms, Trusts, Societies, Limited Companies and all legal entity.

Farmer	Non Farmer
Minimum 18 years of age	Minimum 18 years of age
Maximum age of 60 on the date of funding	Maximum age of 60 on the date of funding
Minimum income of Rs. 1 lakh per annum	Minimum income of Rs. 1.50 lakh per annum
Minimum 2 to 3 acres of agricultural land required	A telephone line (Owned, PP Landline or Mobile) is mandatory

Documents Required for Federal Bank Tractor Loan

• Proof of land holding - Land tax receipt.
• Quotation of the vehicle to be purchased.
• Proof of Identity (Passport / Voters ID card/ Driving License/PAN Card)
• Address Proof (Ration card Tel/ Electricity Bill/ Lease agreement/ Passport/Trade license /Sales Tax certificate)
• Bank Statement (latest 6 months bank)
• In case the applicant is a firm / company, last 2 Years ITRs (computation of income) Balance Sheet and Profit & Loss a/c. Audited or Certified by a CA.
• In case finance required for Agri Allied activities, financial statements of the business for the last two years.

Security for Federal Bank Tractor Loan

Hypothecation of vehicle & accessories purchased / assets acquired out of the loan amount will be obtained as primary security. Collateral security is nil for all other types of vehicles except for Tractor, Power Tiller, Truck, Pick up van & Earth moving equipments for which Mortgage of property covering at least 50% of the loan amount will be required as the collateral security.

Loan Amount for Federal Bank Tractor Loan

Up to 75% of ex showroom price for new vehicles. For used vehicles, 80% of depreciated / market / purchase value whichever is less. Max. Rs 10 lakh.

Margin

Margin 25%

Tenure for Federal Bank Tractor Loan

Maximum 120 Months

Repayment as Equated Monthly Installments (EMI)

Any one of the following methods can be used to repay the loan:

• Standing instruction registration at your bank
• Through Internet Banking solution
• Automated Payment through ECS (Electronic Clearing service)
• Through Mobile Banking App, if provided by the bank

Interest Rate for Federal Bank Tractor Loan

10.85% - 14.40%

Processing Charges for Federal Bank Tractor Loan

2% to 3% of the loan amount

How to Apply for Federal Bank Tractor Loan

1. Apply Online: You can apply online through website of Federal Bank and fill up your personal information and work information & uploading necessary documents. You can apply after checking your loan eligibility.
2. Apply Offline: You can visit personally to any of Federal Bank branches along with all the required documents , fill up the form and get your loan approval process started.

Tractor Loan Processing by Federal Bank

After you have submitted completed tractor loan application form along with the necessary supporting documents, Federal Bank will take following steps:

• Federal Bank will consider its loan policy guidelines and verify the documents submitted by you.
• If Federal Bank finds you eligible, you will be sent an approval letter for a specific loan amount that is based on your requirement and repayment capacity.
• Federal Bank will inform its loan approval decision within its time limit, if your application is complete in all respect.
• After complying all terms and conditions loan will be disbursed.

Documents Required: Pre Disbursement & Post Disbursement of Tractor Loan

Pre Disbursement	Post Disbursement
Duly completed loan documents	Registration (RC) book with hypothecation charge in favour of bank
Original title deed of land for collateral	Original invoice issued by tractor dealer
Post Dated Cheques, ECS Request	Tractor Insurance Copy

Other Importent Points