What kind of loan is tractor loan?
Tractor loans fall within the category of agriculture loans. This loan can be applied by an individual or group of individuals. The repayment can be done by the entire group of individuals or by a single individual within the group. This loan follows the equated monthly installment (EMI) schedule.
What are the documents required for a loan approval?
Documents Required for Personal Loans
- Proof of Identity:- Passport / Driving License / Voters ID / PAN Card (any one)
- Proof of Residence:- Leave and License Agreement / Utility Bill (not more than 3 months old) / Passport (any one).
- Latest 3 months Bank Statement (where salary/income is credited).
How long can you finance a new tractor?
These loans can often be used to purchase either new or used equipment, and generally have terms in the range of one to five years.
How do I apply for a loan document?
The following documents are required along with your Personal Loan application:
- Identity proof (copy of passport/voter ID card/driving license/Aadhaar)
- Address proof (copy of passport/voter ID card/driving license/Aadhaar)
- Bank statement of previous 3 months (Passbook of previous 6 months.
Who qualifies for a tractor loan?
The applicant has to be at least 18 years of age to avail a tractor loan. The maximum age of the applicant, as on the date of funding, will have to be 60 years. The minimum annual income of the applicant should be Rs. 1,50,000.
Do banks give loans for tractors?
The best tractor financing programs require credit scores over 680 but there are programs in the marketplace for most credit profiles. Often, tractors can be financed with FICO scores all the way down to 500 based on cash flow, collateral, or other factors.
Can I get loan without income proof?
Is it possible to get a personal loan for self-employed without income proof? No, without income proof you cannot avail personal loans. You will need to provide bank statements as proof of your income.
How does a bank verify documents?
Most banks require address proof, identity proof, income proof documents, a duly filled loan application form along with passport-size photographs to process a personal loan. Documents Verification Process: The bank takes 1 or 2 days to analyse the documents provided and forwards it to the verification department.
Is it hard to get financing for a tractor?
Financing a tractor—or any other equipment you need—is a critical step in getting a farm up and running. Tractor financing for bad credit, on the other hand, can be more difficult. … For those with poor borrowing histories, the road to securing that tractor is a little bumpy.
Which bank will help the farmer for purchase of tractor?
State Bank of India Agricultural Loans
SBI also offers agriculture loans for mechanisation of farms. The funds from these loans can be used to purchase combine harvesters, tractors and install drip irrigation.