Faqs - L&T Finance

Topics

Do I need to be a farmer to apply for a Tractor Loan, or can other occupations qualify as well?

No, apart from farmers, self-employed individuals and small business owners may also qualify for a Tractor Loan.

Does a specific credit score need to be eligible for a new Tractor Loan?

While a credit score is not mandatory, a higher score will enhance your eligibility

What documents are required to apply for a Tractor Loan?

Required documents include identity proof, address proof, bank passbook and land ownership proof (optional).

Can I apply for a Tractor Loan with a co-applicant?

Yes, Eventhough not mandatory, co-applicants, such as family members, can enhance eligibility and improve approval prospect

What is the typical loan tenure available for a Tractor Loan?

Loan tenures ranges upto 6 years, with flexible repayment options.

Are there any specific documents needed to prove my income for a Tractor Loan?

While not mandatory, financial documents include bank passbook / statements, or any proof of income (if available) can be provided. This would support to validate your financial health and repayment ability enabling further customised loan offers

Is it possible to prepay or foreclose a Tractor Loan? Are there any charges?

Yes, loans can be prepaid or foreclosed, but charges may apply based on our policies.

How long does it take to get approval for a new Tractor Loan?

If all documents are complete, loan sanction typically occurs in 24 hours.

Can I get a Tractor Loan if I have a low credit score?

A low credit score may affect eligibility.

How much down payment or margin is required for a Tractor Loan?

Downpayments range from 10% to 30% of the tractor’s cost.

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 - 7.00 PM