Faqs - L&T Finance

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Are there different interest rates for new and used Tractor Loans?

Yes, interest rates can vary depending on whether you're buying a new or used tractor. Generally, new tractors may have slightly lower interest rates compared to used ones.

What factors affect the Tractor Loan interest rate?

A Tractor Loan's interest rate is influenced by factors like your credit score, income, the type of tractor and prevailing economic conditions.

Can I get a Tractor Loan at a fixed or variable interest rate?

L&T Finance offers a fixed interest rate starting from 10%* p.a. to 19%* p.a.

Apart from the interest rate and the processing fee, what are some of the other charges that are levied by LTF for Tractor Loans?

No other Additional charges are levied for loan disbursal by L&T Finance. LTF have a transperant process with no hidden charges.

What is the interest rate for Tractor & Farm Equipment Loan interest rate?

The interest rate for a tractor and farm equipment loan at L&T Finance starts from 10%* p.a.

What is the minimum interest rate that I can avail of a Tractor Loan?

The minimum interest rate can vary depending on various factors, including market conditions, downpayment and your credit profile.

Does the credit score affect the Tractor Loan interest rate?

Yes, a good credit score can significantly impact the interest rate you're offered.

What is the typical loan tenure for a Tractor Loan with a low interest rate?

The typical loan tenure for a Tractor Loan can vary upto to 6 years. Customers can choose their loan tenure depending on their repayment capability. L&T Finance offers a loan tenure of up to 72 months.

Is there any prepayment penalty for a Tractor Loan with a low interest rate?

Yes, there is a prepayment charge of 2% of principal outstanding plus applicable taxes.

How does the interest rate on a Tractor Loan affect my overall cost?

A lower interest rate reduces the overall cost of the loan by lowering the total interest paid over the loan tenure.

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