Kotak Mahindra Bank Limited Tractor Loan Interest Rate at 8.95% - 26% as on Apr 2024

Kotak Mahindra Bank Limited Tractor Loan Interest Rate (Updated on Apr 2024)

INTEREST RATE	8.95% - 26%
LOAN AMOUNT	Up to 90% finance of value of the tractor
LOAN TENURE	7 years to 9 years
MARGIN REQUIRED	15% of loan amount
PROCESSING FEE	2% to 3% of loan amount
PREPAYMENT CHARGES	4% of Principal outstanding

Kotak Mahindra Bank Limited Details

• BANK OFFICIAL WEBSITE - www.kotak.com
• CONTACT NUMBERS - 18602662666
• EMAIL ID - [email protected]
• MISSED CALL NO. - 18002740110
• CUSTOMER CARE NO. - 18602662666
• TOTAL BRANCHES - 684
• TOTAL ATMS - 1273
• HEADQUARTER - Mumbai
• BANK ADDRESS - 27 BKC, C 27, G Block, Bandra Kurla Complex, Bandra (E), Mumbai - 400051, Maharashtra

Purpose of Kotak Mahindra Bank Limited Tractor Loan

Offer finance for purchase of new and old tractors, harvestors and implements for agricultural / commercial purpose. We are the preferred financier of key manufacturers.

Features & Benefits of Kotak Mahindra Bank Limited 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 Kotak Mahindra Bank Limited Tractor Loan

• Minimum 3 acres of land in the name of borrower
• Residential stability of 2 years
• 2 years business experience if applicable

Documents Required for Kotak Mahindra Bank Limited Tractor Loan

Pre Sanction document

• Identity proof- Voter ID card/PAN card/Passport/ Aadhaar card,/Driving License etc
• Address proof: Voter ID card/Passport/Aadhaar card/Driving license etc
• Agricultural Land Proof - if available
• Proof of Signature verification

Pre Disbursement document

• Fully executed loan documents
• Original Invoice of the tractor purchased from the dealer
• Margin Money Receipt received from dealer
• Insurance pledged to Kotak Mahindra Bank

Security for Kotak Mahindra Bank Limited 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 Kotak Mahindra Bank Limited Tractor Loan

You can get up to 90% finance on your tractor.

Margin

Upto 15% margin is required

Tenure for Kotak Mahindra Bank Limited Tractor Loan

Get flexible tenure of 12 months to 9 years

Repayment as Equated Monthly Installments (EMI)

4% of Principal outstanding

Interest Rate for Kotak Mahindra Bank Limited Tractor Loan

8.95% - 26%

Processing Charges for Kotak Mahindra Bank Limited Tractor Loan

Upto 3% of Loan amount

How to Apply for Kotak Mahindra Bank Limited Tractor Loan

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

Tractor Loan Processing by Kotak Mahindra Bank Limited

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

• Kotak Mahindra Bank Limited will consider its loan policy guidelines and verify the documents submitted by you.
• If Kotak Mahindra Bank Limited finds you eligible, you will be sent an approval letter for a specific loan amount that is based on your requirement and repayment capacity.
• Kotak Mahindra Bank Limited 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