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A Refinance Loan allows customers to avail additional funds on a closed L&T Finance New Tractor Loan. It provides quick access to funds, meeting all your financial needs.
The Refinance Scheme is available to farmers who hold a closed Tractor loan with good repayment track record and are looking for better financing options for their farming needs.
Eligibility is open to farmers who meet the following criteria:
Age : 18 to 65 years
Customer : Existing L&T Finance New Tractor Loan customer, with No transfer of ownership
Asset Age : Maximum up to 11 years (at the end of loan tenure)
Yes, a Refinance Loan has a documentation charge of up to 2% of the loan amount, plus applicable taxes, for processing the application.
Currently, no specific tax benefits are mentioned for the Refinance Loan. It is advisable to consult with a tax expert to understand potential deductions related to agricultural loans.
The Refinance Loan is sanctioned in 24 hours*, with funds disbursements within 48 hours*, enabling quick access to necessary capital.
Yes, you can foreclose your Refinance Loan. However, a foreclosure charge of 2% of the principal amount plus applicable taxes will be applicable.
While a CIBIL score may be checked during the application process, it is not a primary requirement for eligibility under the Refinance Loan, which focuses on existing L&T customer status.
To apply for a Refinance Loan, follow these steps:
- Apply Online
Click on the "Apply Now" button in the Refinance Loan section and fill in the form with your personal details and loan requirement - Get in Touch
Our loan representative will contact you and share pre-approved offers and collect the required documents - Document check
Our representative will check and verify your documents before processing the loan - Get Loan Disbursment
Get your loan disbursement directly in your bank account, ensuring fast and seamless access to funds
The maximum loan amount ranges up to ₹ 3.5 lakh, varies by individual eligibility and can be assessed during the application process based on land holdings, repayment track and asset value of the tractor.
