Faqs - L&T Finance

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What is a Pre-Owned Tractor Loan?

A Pre-Owned Tractor Loan is a financial product that funds individuals or businesses to purchase second-hand tractors. It offers high financing, flexible repayment options, and competitive interest rates, making it easier to acquire necessary farming equipment without bearing the full cost upfront.

Who can apply for a Pre-Owned Tractor Loan?

Anyone between the ages of 18 and 65 who is looking to purchase a used tractor can apply for a Pre-Owned Tractor Loan. The applicant must meet the lender's eligibility criteria.

What is the interest rate for a Used/Pre-Owned Tractor Loan?

The interest rate for a Used/Pre-Owned Tractor Loan varies based on the lender's policies and the applicant's creditworthiness. It's best to check with L&T Finance directly for the most accurate and current rates.

What is the maximum amount offered for a Pre-Owned Tractor Loan?

The maximum loan amount offered for a Pre-Owned Tractor Loan is subject to the lender's discretion and the value of the financed tractor. The loan amount is typically customised based on the borrower's needs and the tractor's price.

What credit score is needed to finance a used Tractor?

While the exact credit score requirement may vary, having a good credit score increases the chances of approval for a Pre-Owned Tractor Loan and securing a favourable interest rate. A stable credit history is recommended.

How is EMI calculated for a Used Tractor Loan?

The EMI for a Used Tractor Loan is calculated based on the loan amount, interest rate, and tenure. L&T Finance’s online loan calculator can estimate your monthly payments.

What is the repayment period of a Pre-Owned Tractor Loan?

The repayment period for a Pre-Owned Tractor Loan can go up to 72 months, providing flexibility in managing your finances and aligning payments with your income cycle.

Do I have to mortgage a property to get a Pre-Owned Tractor Loan?

No, a Pre-Owned Tractor Loan does not require you to mortgage any property. It is typically secured against the tractor being purchased.

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

Providing a guarantor is not typically required for a Pre-Owned Tractor Loan, but this may vary depending on the lender’s policies and your credit profile.

Is a co-borrower required when applying for a used Tractor Finance?

A co-borrower is generally not required when applying for used Tractor Finance. However, having one can sometimes help you get better loan terms or a higher loan amount.

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