Faqs - L&T Finance

Topics

What type of loan is a Agri Implement Loan?

The Agri Implement Loan is specifically tailored for farmers to finance their farm machinery, equipments and implements such as harvester, rotavator, trolley, baler, seed drill, etc.

What credit score is needed to finance an Agri Implement Loan?

While there is no specific credit score requirement for the Agri Implement Loan, having a good credit history can increase your chances of loan approval.

What is the repayment period of Agri Implement Loan?

The repayment period for the Agri Implement Loan can extend up to 60 months, allowing farmers to choose a repayment schedule that aligns with their crop cycle and income patterns.

Do I have to mortgage a property to get an Agri Implement Loan?

No, you do not need to mortgage a property to obtain a Agri Implement Loan. This loan is offered based on the applicant's existing Tractor Loan repayment record and other eligibility criteria.

Is a co-borrower required when applying for an Agri Implement Loan?

A co-borrower is not necessarily required for an Agri Implement Loan, but it may depend on the specific loan requirements and the borrower's financial profile. For precise details, you can contact our customer care representatives.

What documents are required when applying for a Agri Implement Loan?

When applying for a Agri Implement Loan, the required documents include:
ID Proof - Aadhar/ PAN card / Voter ID / Driving License /Passport
Address Proof - Aadhar / Voter ID / Driving License /Passport / Latest telephone bill (landline) / Latest electricity bill / Latest bank account statement
Other Documents - ACH/ECS Mandate

How long does processing and approving of an Agri Implement Loan take?

The Agri Implement Loan offers quick processing and approval. Loans are sanctioned within 24 hours* and disbursed within 48 hours*, ensuring farmers can access funds promptly.

What is the total amount that you can get for an Agri Implement Loan?

The total loan amount available under the Agri Implement Loan is up to ₹ 4.25 Lakh. Customised based on the borrower's need, repayment track, and land holdings. For specific details, it is recommended to apply online or contact your L&T Finance representative directly.

Can I close or repay a Agri Implement Loan early?

Yes, you can foreclose or repay your Agri Implement Loan, but foreclosure charges of 2% of the principal outstanding + applicable taxes will apply.

Do I have to provide a guarantor when applying for a Agri Implement Loan?

No, a guarantor is not required when applying for a Agri Implement Loan. The loan is provided based on the borrower's existing loan repayment record, credit score and other relevant factors.

Need Further Assistance?

Chat instantly with us or request a call.

faq chat

Chat with us

24x7
faq call

Talk to us

9.00 AM - 6.00 PM