Tractors are the need of every farmer. Not only do they till the soil faster, but they also help save a lot of human resources. During the COVID-19 Pandemic, where social distancing is a must, reducing the number of workers in a field by tractors is a great deterrent. In this article, we have covered the top 5 agencies in India that provide loans to buy a tractor
. So, let’s check in detail.
Tractors are also used in construction and road building. They can multitask and can be used as a bulldozer, scraper as well as a digger. Within agriculture, tractors can be utilized for lowing, tilling, harrowing, planting, etc. It can also be used for pulling, pushing, and transporting agricultural machinery and trailers. The benefits of using a tractor are various such as-
- Its versatility
- Durability and power
- Wide range of options
- Ease of operation
- Ease of transmission
- Speed of working and many more
If we see the range of options, tractors have a wide range depending on the utility. There are utility tractors, compact tractors (used in vineyards, fruit yards, etc.), industrial tractors, garden tractors, implement carrier tractors, and military tractors. Each type is suitable for a specific kind of work, and depending on an individual or company’s needs, they can purchase the one that suits them best.
The multitude of uses, options, and versatility-tractors make for essential and proper industrial or farm equipment. However, the high cost of it acts as an impediment in its purchase. If you are looking to buy a tractor but can’t due to its high cost- here is a list of Top 5 agencies for tractor loans. These loans will help you purchase your desired machinery stress-free.
Top 5 Agencies for Tractor Loans in India
1. Cholamandalam MS
Cholamandalam Finance is a reputed financial services agency that provides all financial services such as vehicle loans and personal loans. Established in 1978, this agency has more than a thousand branches all over India and provides tractor loans at attractive rates of interest.
The agency has created a brand value by supporting its customers in becoming commercial transportation entrepreneurs. Figures showed that Cholamandalam MS has financed more than 750,000 customers in India to date.
- Loans for both new and used vehicles
- Approved loans from INR 1 lakh onwards
- Motor Insurance, life insurance, and personal accident cover
- Presence in over 880 branches across the country
2. HDB Finance
HDB Financial Services is a leading non-banking financial institution providing financial services such as personal loans, loans against property, etc. HDB provides lending and BPO services. It has also provided a loan moratorium to customers with a good loan repayment track record as a responsible financial institution. The HDB sells tractor loans at reasonable and attractive interest rates with flexible return tenure.
- Quick loan processing and speedy disbursal
- Hassle-free documentation process
- Attractive interest rates
- Flexible EMI options and repayment tenure
- Instant customer service support
Walk into your closest HDB Financial Service branch and get a tractor loan with easy documentation. The list of HDB Tractor Loan branches all over India is given here: HDB Finance Loan Offices in India
3. Magma Finance
Magma is Non- banking financial institution (NBFC) providing financial services. The company is registered with the Reserve Bank and has almost 300 branches across 22 states. It provides loans at competitive prices and is an attractive option for individual customers.
Magma is engaged in various products such as business finance, asset finance, and mortgage finance. Magma provides loans for cars and utility vehicles, tractors, used vehicles, commercial vehicles, SME businesses, construction equipment, mortgage finance as well as Housing Finance and General Insurance. Magma finances all brands of Tractors. They give tractor loans up to 95% of the tractor price.
- Tractor Loans up to 90-95 percent of the tractor price
- Loans for all brands of tractors as well used tractors
- Flexible tractor loan documentation
- Affordable Tractor loan interest rates
- Wide options for Loan repayment
Magma is speeded all over the country. Visit any nearest Magma branch to get a tractor loan at attractive interest rates. You can search for the nearest Magma branches in India
to apply for a tractor loan.
4. S.K Finance
S.K Finance is an NBFC with 25 years of experience under its belt. Their service includes new vehicle loans, agro-vehicle loans, two-wheeler finance, etc. It is among North-India’s top Non-banking financial institutions.
5. Shriram Transport Finance
Established in 1979, Shriram Transport Finance is a top-notch financial institution, providing various types of loans. The company has a significant presence in financial services such as commercial loan lending, vehicle loans, etc.
Get loans on a wide range of tractors and tractor implements without mortgaging land. Shriram Transport's loan process is very easy and requires flexible documentation as per your need. Here are some key features of Shriram's finance tractor loan.
- Loans on a wide range of tractors and tractor implements
- Stress-free loan sanction without a land mortgage
- Easy loan procedure with flexible documentation
- Flexible loan payment
Tractors are quite helpful and beneficial irrespective of the area and the way they are used in. If you are looking to buy one, you might consider getting a loan.
With the necessary documents and a stable income, one should easily avail of a loan. There are multiple agencies and banks providing tractor loans at attractive rates of interest.
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