Faqs - L&T Finance

Topics

Who can apply for a New Tractor Loan?

Any individual aged between 18 and 65 with the necessary income eligibility based on either land holdings and per-acre yield or self employed can apply for a Tractor Loan. This includes farmers, agricultural business owners, and self-employed individuals engaged in farming activities.

What type of loan is a New Tractor Loan?

A New Tractor Loan is specifically designed to finance the purchase of tractors according to your farming needs.

What credit score is needed to finance a tractor?

While no specific credit score is required, a good credit score can enhance your chances of approval and secure better New Tractor Loan rates. Lenders typically prefer applicants with a solid credit history.

Do I have to mortgage a property for a New Tractor Loan?

No, but the loan amount may vary depend upon your land holdings and income. The loans are customised according to the land size and income.

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

Providing a guarantor is not always mandatory when applying for a New Tractor Loan. However, having a guarantor can strengthen your application and help you secure better loan terms.

Is a co-borrower required when applying for a New Tractor Loan?

A co-borrower is not mandatory for a New Tractor Loan but can be included to enhance the application, especially if the primary applicant's credit profile is not strong. This also helps in sharing the repayment responsibility.

What documents are required when applying for a Tractor Loan?

The documents required for a Tractor Loan include proof of identity (Aadhaar/PAN card), proof of address (Voter's ID, Driving License, Passport), land ownership documents, and other necessary documents such as bank statements and ACH/ECS mandates.

How long does processing and approving a New Tractor Loan take?

Tractor Loans can be sanctioned within 24 hours* of the application, and the funds are usually disbursed within 48 hours*, provided all documents are in order and eligibility criteria are met.

What is the total amount of credit that can be released for a New Tractor Loan?

The total amount of credit that can be released for a New Tractor Loan can vary depending on the borrower's eligibility, loan requirements and asset value.

Can I choose to pre-pay a New Tractor Loan?

Yes, you can prepay or close your New Tractor Loan early. However, foreclosure charges of 2% of the outstanding principal amount plus applicable taxes may apply, as per the policies.

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