New Tractor Loan Eligibility Calculator

To ensure a smooth application process and increase your chances of loan approval, it's crucial to understand the key eligibility criteria for a Tractor Loan. These criteria are designed to assess your financial capability and creditworthiness. By meeting these requirements, you can streamline the process and secure the necessary funds to purchase a tractor that can enhance your agricultural operations.

Eligibility Criteria for New Tractor Loan

Meeting the eligibility criteria for Tractor Loan is essential to secure financing for your agricultural needs. Here are the key requirements:

1. Age Requirements
Applicants should typically be between 18 and 65 years old.

2. Occupation and Income Requirements
Farmers, self-employed individuals, and small business owners are eligible.

3. Income
Based on size of land holdings and per acre yield

Benefits of a L&T Finance New Tractor Loan

Our Tractor Loans are designed to support agricultural and business needs with multiple benefits:

1. Flexible Repayment Tenure
Loan tenures typically range from 12 months to 6 years with customised repayment options based on the cropping cycle

2. Competitive Interest Rates
Interest rates are designed to be affordable, often ranging between 10-19%. Lower rates reduce the overall borrowing cost.

3. Fast Processing and Minimal Documentation
Loans are processed quickly with easy-to-fulfill documentation requirements.

Step-by-Step Process 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 Disbursement
After approval, your loan amount will be directly disbursed to the dealership for a seamless purchase process

Flexible farm loans for your financial needs

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