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

Features & Benefits of Tractor Loan

Discover the features and benefits of tractor loans, including flexible repayment options, easy financing for farmers, and competitive interest rates on tractor loans.

Loan Amount

Based on land size and eligibility, with a maximum sanction of ₹15 Lakh.

Repayment Tenure

Choose between 12 and 72 months for convenient and comfortable repayment.

Interest Rates

Competitive rates starting from *10% p.a.**, subject to credit assessment and RBI regulations.

New Tractor Financing

Includes tractors from multiple trusted manufacturers and brands.

Quick Disbursal

Loan amount credited within 48 hours upon approval*.

Digital Process

Fully digital, paperless, and transparent loan application and approval experience.

No Hidden Charges

Clear and upfront disclosure of all fees and charges as per regulatory compliance.

*Interest rates and charges are indicative and vary based on RBI and NBFC guidelines. Refer to the latest RBI circulars at RBI Official Website.

Tractor Loan EMI Calculator

Use our Tractor Loan EMI Calculator to plan your finances effectively. Input your loan amount, interest rate, and tenure to get an idea of your monthly EMI payment. This helps you manage repayment alongside your agricultural income cycles. Please note that results are indicative and for planning purposes only.

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

Apply Now

How to Apply for a Tractor Loan Online?

Follow these simple steps to apply for a Tractor loan online:

This streamlined digital process ensures you save time and effort in securing financing.

Tractor Loan Eligibility & Required Documents

Eligibility Criteria For Tractor Loan For Farmers

Check the eligibility criteria for tractor loans designed for farmers, including age, land size, and income requirements.

Age requirement:

Applicant must be between 18 and 65 years old.

Income Eligibility:

Based on the size of land holdings and per-acre yield.

Required Documents For Farmer Tractor Loan

Check the required documents for a farmer tractor loan, including ID, address, and land ownership proof for a smooth application proces

ID Proof

Aadhaar, PAN Card, Voter ID, Driving License, Passport

Address Proof

Aadhaar, Voter ID, Driving License, Passport, Latest telephone bill (landline), Latest electricity bill, Latest bank account statement

Land Ownership Proof

Agricultural land document

Fees & Charges For New Tractor Loan

All fees and charges are subject to change following RBI and NBFC guidelines and will be transparently disclosed during loan processing. Key charges include:

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 + taxes
-Used/Preowned Tractor & Refinance - Up to 2% of the loan amount or Rs. 10,000 whichever is lower + applicable taxes
For Standalone Implement: Up to 2% of the loan amount or Rs. 30,000 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 Rs.

Charges in Rs.

< 5 lacs

Up to ₹500

5 – 50 Lacs

Up to ₹1,000

>50 Lacs – 2 Cr

Up to ₹1,500

>2 Cr

Up to ₹2,000

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)
Field collection service 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

FAQs & Support

View all

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

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.

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.

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