Hdfc Bank Tractor Loan Interest Rate at 14.10% - 23% as on Apr 2024
Hdfc Bank Tractor Loan Interest Rate (Updated on Apr 2024)
| INTEREST RATE | 14.10% - 23% |
| LOAN AMOUNT | Get up to 90% finance on your favourite tractor through this loan. |
| LOAN TENURE | Maximum 84 Months |
| MARGIN REQUIRED | 15% of loan amount |
| PROCESSING FEE | 2% to 3% of loan amount |
| PREPAYMENT CHARGES |
|
Hdfc Bank Details
- BANK OFFICIAL WEBSITE - https://www.hdfcbank.com
- CONTACT NUMBERS - 18002026161, 18602676161, 18002583838, 18002664060, 022-28569303
- MISSED CALL NO. - 18002703333
- CUSTOMER CARE NO. - 18002583838, 18002664060
- TOTAL BRANCHES - 4014
- TOTAL ATMS - 11766
- HEADQUARTER - Mumbai
- BANK ADDRESS - Trade World, Kamala Mills Compound, Senapati Bapat Marg, Lower Parel (West), Mumbai - 400013, Maharashtra
Purpose of Hdfc Bank Tractor Loan
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.Features & Benefits of Hdfc 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 Hdfc 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 Hdfc Bank Tractor Loan
- Proof of Identity: (Passport / Voter's ID / Driving License/PAN Card/Aadhar Card)
- Address Proof: (Ration card /Driving License/ Voter's ID / Utility Bill (any one within last 3months) / Registered Rental Agreement / Passport)
- Land holding proof/ Latest Land Records: Should not be more than 3 months old, in case of farmers
- Income Tax (ITR) and financial statements for the last two years, complete with schedules and P&L account.
- Bank statements for the last six months
- Driving license for commercial usage cases
- Signature Proof: Copy of driving licence / Copy of PAN card / Present Banker verification.
- Fleet list details
- A certified true copy of Proprietorship declaration, partnership deed, board resolution, Memorandum & articles of association will be required in case of partnership firms and limited companies respectively.
Security for Hdfc Bank Tractor Loan
Primary Security: Hypothecation of Tractor and other implements going to be purchased.
Collateral Security: Collateral Security in the form of FDR, NSC, LIC Policies (10 - 30%) based on credit rating or as Equitable Mortgage of immovable properties.
Loan Amount for Hdfc Bank Tractor Loan
Get up to 90% finance on your favourite tractor through this loan.Margin
Upto 15% margin is required
Tenure for Hdfc Bank Tractor Loan
Maximum 84 MonthsRepayment as Equated Monthly Installments (EMI)
- 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
Interest Rate for Hdfc Bank Tractor Loan
14.10% - 23%Processing Charges for Hdfc Bank Tractor Loan
2% of Loan AmountHow to Apply for Hdfc Bank Tractor Loan
- Apply Online: You can apply online through website of Hdfc Bank and fill up your personal information and work information & uploading necessary documents. You can apply after checking your loan eligibility.
- Apply Offline: You can visit personally to any of Hdfc Bank branches along with all the required documents , fill up the form and get your loan approval process started.
Tractor Loan Processing by Hdfc Bank
After you have submitted completed tractor loan application form along with the necessary supporting documents, Hdfc Bank will take following steps:
- Hdfc Bank will consider its loan policy guidelines and verify the documents submitted by you.
- If Hdfc 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.
- Hdfc 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
HDFC Bank's Tractor Loan can be availed of with or without additional collateral.
Non farmers are also eligible to avail of a loan.
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.
Fees and Charges
Non farmers are also eligible to avail of a loan.
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.
Fees and Charges
| Details of Service Charge For Tractor Loan | Charges |
|---|---|
| Loan cancellation | Processing Fee, Stamp duty and RTO charges are non-refundable |
| Late Payment penalty | 2% per month on unpaid installments |
| Legal, Repossession & Incidental charges | At actuals |
| Stamp Duty & other Statutory Charges | As per applicable law |
| CIBIL Charges (only on request) | Rs. 50/- per instance |
| Duplicate No Due Certificate / NOC | Rs. 500/- per Instance |
| Duplicate Amortization Schedule Charges | Rs. 200/- per schedule |
| Cheque / ECS / SI Swap Charges | Rs. 500/- per Instance |
| Collateral & ACH Documentation Charges | Rs. 750 per case |
| Loan Reschedulement / Re-booking charges | Rs. 1000/- |
| Cheque / SI / ECSReturn Charges | Rs. 550/- per Instance |
| Documentation charges (For Agri Mortgage and Used Tractor Valuation Cases) | Rs. 3000/- |