Top 6 Benefits of borrowing a tractor loans for farmer

Dec 22, 2022

4 min. Read

Top 6 Benefits of borrowing a tractor loans for farmerFarm Equipment Loan

Top 6 Benefits Of Borrowing A Tractor Loan For Farmers

When you imagine a farmer, don't you imagine a man sitting on a tractor and tilling his land? That is the image we all have of a typical Indian farmer. Not all farmers own tractors though. It is hard to believe but it is true. Some Indian farmers who do not know about tractor loan for farmers are still suffering and spending the major part of their lives in the field. A tractor is designed for high traction or power and can be used for a variety of reasons. Farmers can use it to carry a trailer or other agricultural equipment. A tractor can even be used as a scraper, digger, or even a bulldozer. In short, it is a machine with multiple uses. Indian farmers majorly use it for plowing, grinding, tilling, sowing, and other farm-related activities. It is used primarily to make farming easier.

Buying a tractor can be a difficult decision for a farmer who has been struggling for a successful harvest. Multiple seasons of poor harvest can lead to a mountain of stress, and in such a situation a farmer cannot imagine spending a big amount of money to buy a tractor. To all those farmers we say, a tractor loan is here for you. A tractor loan for farmers fulfills every farmer's dream of owning a tractor. So, why wait? Borrow a tractor loan for farmers from L & T Finance today!

Tractor Loan for Farmers in India

India is a rapidly growing economy and we have developed astonishingly in the past decade. This development has not just taken place in the field of IT, but also in the field of agriculture. As we are approaching a modern era, more and more Indian farmers are adopting new methods to succeed. However, even in such a time, there are some farmers who due to lack of funds cannot afford something as indispensable as a tractor.

Let’s take the example of Kamlesh, an average Indian farmer. Kamlesh bought a tractor using a tractor loan for farmers in India and has been grateful for this financial tool ever since. Kamlesh is now a successful farmer who has a lot of people working for him and all this was possible because he took the leap of faith by borrowing a tractor loan for farmers and using it to upgrade his farming techniques.

Tractor Loan for Farmers Calculator

Since a tractor is a primary tool for farming, most Indian farmers tend to know a lot about it. If you are going to buy a tractor using a tractor loan for farmers you must know just as much about a tractor loan. The first step in understanding a tractor loan is understanding EMI. Tractor loan EMI is the monthly payment of the loan. You can calculate is EMI using a tractor loan for farmers calculator. This calculator can be used online and is available on the L & T Finance website. Choose the loan amount, rate of interest, and loan tenure to find out your EMI before borrowing a tractor loan.

Here are advantages and benefits of applying for a Tractor Loan:

Tractor loans have made owning a tractor very easy for farmers but benefits of tractor loan for farmers are numerous. Some of them are listed below:

• Flexible repayment: Pay your EMI in a comfortable loan tenure that fits your financial budget.

• Quick disbursal: We understand that buying a tractor and starting to use it as soon as you can is important for a successful harvest, therefore, when you apply for a tractor loan for farmers at LTF, the disbursal process is very quick.

• Available for many types of tractors: Did you know that many different types of tractors can be used for several reasons and not just farming? At LTF, we offer a tractor loan for many different types of tractors.

• Low processing charges: Along with offering an attractive rate of interest, LTF also charges low processing fees from farmers reducing the financial burden.

• No minimum land holding: There is no minimum land holding requirement when you apply for a tractor Loan at LTF.

• Large amount with comfortable tenure: Do you want to buy a tractor but are afraid that it costs too much? Don't worry, at LTF, we offer tractor loans for big amounts with a comfortable repayment duration.

Documents And Eligibility

To be eligible for a tractor loan for farmers, you must be at least 18 and not older than 65. You also need to fulfill the income requirement that is articulated with the size of land holdings and per acre yield.

Here are the documents you will need for a tractor loan for farmers:

• Income proof: as per submissions made at the time of filing returns
• Bank statements: from the last six months
• ID proof: any personal ID like an Aadhar card, a PAN card, etc.
• Age proof: passport, voter’s ID, driving license, etc.
• Address proof:passport, utility bills, bank statements, etc.
• Other documents:agricultural land documents, NACH/ECS mandates, PDCs, etc.

Indian farmers have the talent of yielding a successful harvest by going against all odds. Farming is in the Indian blood. It is one of the most common occupations in our country and as a responsible financial institution, it is our pleasure toward our hard-working farmers to allow them to have access to the best and most affordable machines. A tractor is an excellent invention but making it accessible to an Indian farmer is something L & T Finance has taken upon itself. One of the best tractor loan for farmers company, L & T Finance aims at providing funding to every eligible farmer. It doesn't matter whether you have been struggling for years or you are a successful farmer who just needs some new agricultural equipment. We have a tractor loan for every farmer.

Apply for a tractor loan from L & T Finance, now!

This article is authored by L&T Finance.

Explore Other Products

Home Loan

Move into the home of your dreams with a Home Loan.

Home loanKnow More

Loan Against Property

Fulfil your dreams with loan against residential property.

Farm loanKnow More

Consumer Loan

Achieve your immediate financial needs with a consumer loan.

consumer loanKnow More

Two-Wheeler Finance

Get a boost for your ride with a two wheeler loan.

Two wheeler loanKnow More

Farm Equipment Finance

Get easy loan for all your agricultural needs.

Farm loanKnow More

SME Loan

Start or expand your business with customised financial solutions.

SME loanKnow More

Micro Loan

Group loans to women borrowers for income generating activities

Micro loanKnow More
download app bg

Download the PLANET App

apple badge google badge