Tractor Loan: How is it Useful?
Agriculture is the backbone of a nation like India. Lakhs of farmers all over the country toil and hustle in the dirt and soil to reap the crops they sow. They feed millions of hungry stomachs and farming is such a noble profession. To enable convenience in farming, tractors were introduced. These tractors are designed to do multiple tasks. They help in making the work easy and help to increase the agricultural output. Furthermore, it is a dream of every farmer to own such a multi-purpose vehicle. Not all the farmers have the capability of buying the tractors on their own. Of course, they require finance to purchase it, and that is where a Tractor loan comes in.
Agriculture is the backbone of a nation like India. Lakhs of farmers all over the country toil and hustle in the dirt and soil to reap the crops they sow. They feed millions of hungry stomachs and farming is such a noble profession. To enable convenience in farming, tractors were introduced. These tractors are designed to do multiple tasks. They help in making the work easy and help to increase the agricultural output. Furthermore, it is a dream of every farmer to own such a multi-purpose vehicle. Not all the farmers have the capability of buying the tractors on their own. Of course, they require finance to purchase it, and that is where a Tractor loan comes in.
What is a tractor loan?
Tractor loans are primarily taken for acquiring different types of tractors, which can be used for various agricultural purposes. Tractor loans are perfect for carrying out the daily agricultural tasks to keep the farm functioning. These types of loans come with features hassle-free documentation, speedy and flexible schemes, seamless transactions and so on. These loans are also adjustable to the customers while making on-time payments to match the crop cycle.
Key Highlights of a Tractor loan from Chola
- Finance for new & used tractors and refinancing.
- Loans for farm equipment like harvesters, trolleys, rotavators, power tillers etc.
- Digitization of loan application process
- Insurance for Tractor, Self & Family
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Eligibility requirements of availing a tractor loan
The majority of lenders provide tractor loans to both farmers and non-farmers who must meet the qualifying requirements listed below, though the requirements may differ from lender to lender.
Tractor loan for Farmers:
When applying for support, the maximum age should be under 60.The applicant must have a minimum of one acre of agricultural land and annual revenue of Rs. 1 lakh.
Different types of tractors available:
- Small Tractors
- Compact & Orchard Tractors
- Medium HP Tractors
- Higher HP Tractors
Benefits of Tractor Loan
- Simple processing and purchase: Tractor loans are secured debts where the tractor is the security. As a result, the processing and disbursement of tractor loans are efficient.
- Online transaction: The borrower has the choice to apply for this loan online. Physical verification will be done. Communications after the distribution are made by phone or email.
- Simple documentation: In the case of tractor loans, documentation is very typical. Loans to priority industries and secured loans are approved more easily. The typical evidence of identity, address, and income is needed to confirm the applicant’s legitimacy.
- Easy Communication – Unlike other services, the consumer or customer does not have to communicate with several representatives to get their work done. A single spokesperson shall take up the case and complete the process easily.
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