Name: New Tractor Loan
Brand: L&T Finance
Rating: 5 (10 reviews)

With L&T Finance increase your farming efficiency with our New Tractor Loan! This tractor finance solution is designed to help you acquire the perfect machinery. We offer customized tractor loan for farmers with amounts up to ₹15 Lakh and competitive interest rates starting from 10%* p.a.

New Tractor Loan
New Tractor + Implements Combo
New Tractor + Harvester Combo

Features & Benefits
EMI Calculator
Documentation
Eligibility
Fees & Charges
Frequently Asked Questions

Loan Offering

Loan amount based on land holdings, ranging from up to ₹ 15 Lakh

Loan Tenure

Choose your repayment period from 12 to 72 months

Competitive Interest Rates

Repay your loan with easy EMIs, interest rates starting from 10%* p.a.

Tractor Financing

Get financing for new tractors from different brands and manufacturers

Faster Disbursement

Receive your loan amount within 48 hours*

Paperless Journey

Enjoy an end-to-end digital experience with our fully paperless process

Quick Sanction & Faster Disbursal

Quick loan sacntion within 24 hours and fast disbursal within 48 hours

No Hidden Charges

Start to finish, our Loan has a transparent process

Tractor Loan EMI Calculator

Results generated by the calculator(s) are indicative in nature.

Preferred loan amount

₹

₹1,00,000

₹15,00,000

Flat rate

10%

19%

Loan tenure (months)

12 months

72 months

Estimated EMI

per month

₹ 36,690
Interest payable
₹52,41, 690

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Tractor Loan Eligibility & Required Documents

Tractor Loan Eligibility

Age requirement:

18 years to 65 years

Income Eligibility:

Based on size of land holdings and per acre yield

Documents Required for Tractor Loan

ID Proof

Aadhaar | PAN card | Voter ID | Driving License |Passport

Address Proof

Land Ownership Proof

Agricultural land document

Tractor Loan Fees & Charges

List of all fees and charges for Tractor Loan

Processing Fee
New Tractor & Implement - Up to 1% of the loan amount or Rs. 30,000 whichever is lower + applicable taxes
Kisan Suvidha - Up to 2% of the additional loan amount or Rs. 10,000 whichever is lower + applicable taxes
Used/Preowned Tractor & Refinance - Up to 2% of the loan amount or Rs. 10,000 whichever is lower + applicable taxes
Trade advance – Up to 2% of sanction amount + applicable taxes
Prepayment/ Foreclosure Charges
Up to 2% of principal outstanding + applicable taxes
Asset valuation and verification Fee
Up to Rs.1,200/- + applicable taxes
Penal Charge/Late Payment Charge (LPC):
Up to 2% per month (p.m.) on overdue EMI + applicable taxes
Trade advance – Up to 2% per month (p.m.) on overdue amount + applicable taxes
EMI Dishonour/Bounce Charge*
*A bounce charge is a charge for
(i) dishonour of any repayment instrument; or
(ii) non-payment of instalment(s) on their respective due dates due to dishonour of payment mandate or non-registration of the payment mandate
As shown in the table below

Loan sanction amount (in INR)

Charges in (in INR)

< 5 lacs

Up to ₹ 500

5 – 50 Lacs

Up to ₹ 1000

>50 Lacs – 2 Cr

Up to ₹ 1500

>2 Cr

Up to ₹ 2000

RC Non submission Charges:
Up to Rs.1000/- per month post 120 days + applicable taxes
Document retrieval / Duplicate NOC charges
Duplicate NOC: Up to Rs. 1000/- + applicable taxes (charge is applicable post 3 free copies)
Repayment instrument swap Fee (per swap)
Up to Rs. 500/- + applicable taxes (Applicable only for branch walk-ins)
Part-prepayment charges
Up to 2% of part prepayment amount + applicable taxes
Field collection service charges
Up to Rs.500/- per collection + applicable taxes
Legal fees and charges
As per actuals or Up to Rs. 30,000/- whichever is lower + applicable taxes
Recovery charges
As per actuals or Up to Rs. 1,00,000/- whichever is lower + applicable taxes
Auction fees
Up to 1% of auction sale amount+ applicable taxes

Seamless Loans, Simplified Experience

Download the Planet app for a one stop loan solution with effortless management at your fingertips. Learn More

How to Apply for Tractor Loan Online?

Apply for Tractor Loan with these steps

FAQs & Support

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How do I approach L&T Finance for a New Tractor Loan?

Apply for New Tractor Loan with these steps

Apply Online
Click on the "Apply Now" button in the New Tractor Loan section and fill in the form with your personal details and loan requirement
Get contacted by our representative
Our loan representative will contact you and share available loan offers and collect required documents
Eligibility and Document check
Our representative will check your eligibility and verify your documents before processing the loan
Own your New Tractor
After approval, your loan amount will be directly disbursed to the dealership for a seamless purchase process

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.

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.

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 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.

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.

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.

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.

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 are the Tractor Loan tenure options?

The tenure for New tractor finance can extend up to 72 months, providing flexible repayment options that suit the borrower's financial situation and agricultural income cycles.

Explore all FAQs

Farmer Loan

Having a good track record, LTF provided me with a pre-approved loan which was a huge help to my business. The FLS assisted me personally; he answered all queries. My loan was disbursed within 24 hours. I will recommend LTF to my friends & family and will prefer L&T Finance for future loan requirements.

Akshay Kumar Jha

Location here

Farmer Loan

My friend recommended LTF since they provide tractor loans at a lower interest rate than others, the loan process is simple, no physical documentation is required, payment was deposited the same day and I received the tractor within a week. My agricultural business has really improved thanks to the LTF.

Narayana G

Telangana

Farmer Loan

L&T Finance has supported me as a farmer since 2014, helping me finance two tractors and essential equipment. With flexible, crop-based repayments and easy EMI tracking on the PLANET App, my life has been easy. L&T Finance truly empowers us to grow better and manage finances seamlessly.

Satish Hisar

Beri, Haryana

Farmer Loan

Sanjay

Location here

Farmer Loan

As a third-generation farmer, owning a tractor with L&T Finance's support has transformed our work. The fully digital process made it easy, with swift disbursement and flexible repayment options like EMI Protect. Now, our costs are lower, and farming is efficient. Truly, L&T Finance supports farmer prosperity.

Hardeep Soora

Hisar, Haryana

Farmer Loan

When I decided to buy a tractor, I spoke to the L&T Finance official. After all the documentation, I got approval of my loan with 2-3 days. I didn’t have to go anywhere and yet my loan got sanctioned.

Bherulal Chaudhary

Ratlam, MP

Farmer Loan

The L&T Finance officer came home and did all the application formalities online and instantly got approval for the loan. Our EMI is in accordance with our harvesting cycle. They gave us the best interest rate and fulfilled our financing requirements.

Mr. Balu Hari Pawar

Maharashtra