Documents required for New Tractor Loan

Tractor Loan Required Documents

Understanding the Tractor Loan documents needed is the first step to owning the tractor that powers your farm. These documents are the backbone of your loan application, ensuring a quick and smooth approval process. The documents required for Tractor Loan include identity proof, income proof, address proof and bank statements, which help substantiate your eligibility.

List of Documents Required for Tractor Loan

Documents required*	ID Proof	Address Proof
Passport	y	y
Pan Card	y
Driver's License	y	y
Voter's ID	y	y
Aadhaar Card	y	y
Utility Bill		y
Driving License	y	y
Job Card Issued by NREGA duly signed by an officer of the State Government		y
Letter issued by the National Population Register containing details of name and address.		y

* Additional documents may be asked

What are the Benefits of L&T Finance New Tractor Loan

Reduced Initial Investment: Access up to 90% financing for purchase of the tractor.

Flexible Repayment Options: Multiple repayment plans to align with your agricultural cycle.

Competitive Interest Rates: Affordable financing options to suit your budget.

Modernisation of Agriculture: Access to advanced technology for improved productivity and efficiency.

Steps to Apply for a New Tractor Loan

Apply for New Tractor Loan with these steps

1. Apply Online
Click on the "Apply Now" button in the New Tractor Loan section and fill in the form with your personal details and loan requirement

2. Get in Touch
Visit the nearest Tractor dealership and ask for L&T Finance Field Representative to understand more on available loan offers

3. Eligibility and Document check
Our representative will check your eligibility and verify your documents before processing the loan

4. Get Loan Disbursment
After approval, your loan amount will be directly disbursed to the dealership for a seamless purchase process

FAQs & Support

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How long does processing and approving a New Tractor Loan take?

Tractor Loans can be sanctioned within 24 hours* of the application, and the funds are usually disbursed within 48 hours*, provided all documents are in order and eligibility criteria are met.

Is there any difference in EMI for different tractor brands?

Tractor loan EMIs depend on the loan amount, loan tenure and loan interest rate.

Is agricultural land ownership proof necessary for a Tractor Loan?

While not always mandatory, we may request proof of agricultural land ownership to assess eligibility and ensure proper loan utilisation.

Are there different interest rates for new and used Tractor Loans?

Yes, interest rates can vary depending on whether you're buying a new or used tractor. Generally, new tractors may have slightly lower interest rates compared to used ones.

Does the credit score affect the Tractor Loan interest rate?

Yes, a good credit score can significantly impact the interest rate you're offered.

Can I prepay my Tractor Loan, and how will it affect the EMI?

Yes, you can prepay your Tractor Loan. However, prepayment charges include 2% of the outstanding principle + applicable taxes

How do I approach L&T Finance for a New Tractor Loan?

Apply for New Tractor Loan with these steps

Apply Online
Click on the "Apply Now" button in the New Tractor Loan section and fill in the form with your personal details and loan requirement
Get contacted by our representative
Our loan representative will contact you and share available loan offers and collect required documents
Eligibility and Document check
Our representative will check your eligibility and verify your documents before processing the loan
Own your New Tractor
After approval, your loan amount will be directly disbursed to the dealership for a seamless purchase process