Indian Bank Tractor Loan Interest Rate at 12.75% as on Apr 2024

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

INTEREST RATE	12.75%
LOAN AMOUNT	Based on the quotation / invoice submitted for the vehicles and implements.
LOAN TENURE	Maximum 9 years
MARGIN REQUIRED	5% to 10% of the cost of vehicle
PROCESSING FEE	2% to 3% of loan amount
PREPAYMENT CHARGES	As per bank's policy

Indian Bank Details

• BANK OFFICIAL WEBSITE - https://indianbank.in/
• CONTACT NUMBERS - 18004250000, 044 28134300
• EMAIL ID - [email protected], [email protected], [email protected]
• MISSED CALL NO. - 8108781085, 9289592895
• CUSTOMER CARE NO. - 18004250000, 044 28134300
• TOTAL BRANCHES - 2409
• TOTAL ATMS - 2344
• HEADQUARTER - Chennai
• BANK ADDRESS - PB No: 5555, 254-260, Avvai Shanmugam Salai, Royapettah, Chennai - 600014

Purpose of Indian Bank Tractor Loan

To purchase tractors / power tiller together with necessary equipments like cultivator, tiller, mould board plough, disc harrow, cage wheel, trailer, threshers, harvesters etc.

Features & Benefits of Indian 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 Indian Bank Tractor Loan

Farmers having minimum of 6 acres of irrigated land or 12 acres of dry land

Documents Required for Indian 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 Indian Bank Tractor Loan

Hypothecation of tractor and other implements purchased with the Bank loan.
Third party guarantee mortgage of properties.

Loan Amount for Indian Bank Tractor Loan

Based on the quotation / invoice submitted for the vehicles and implements.

Margin

Margin 5% to 10% of the cost of vehicle

Tenure for Indian Bank Tractor Loan

Maximum 9 years

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 Indian Bank Tractor Loan

12.75%

Processing Charges for Indian Bank Tractor Loan

2% to 3% of the loan amount

How to Apply for Indian Bank Tractor Loan

1. Apply Online: You can apply online through website of Indian 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 Indian Bank branches along with all the required documents , fill up the form and get your loan approval process started.

Tractor Loan Processing by Indian Bank

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

• Indian Bank will consider its loan policy guidelines and verify the documents submitted by you.
• If Indian 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.
• Indian 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