Top 5 Tractors under 50 HP in India
Mar 11, 2025 | 4 mins read
When securing a Tractor Loan, understanding the associated tractor fees and charges is crucial. These costs include processing fees, documentation charges and potential prepayment penalties. These Tractor Loan charges contribute to the overall expense of your loan, impacting total repayments over time. By comprehending these Tractor Loan fees, you can accurately assess the true cost of your financing.
List of all fees and charges
Type | Interest Rate and Charges |
---|---|
Documentation Charge/ Processing Fee: | Up to 2% of the loan amount + applicable taxes |
EMI Dishonour/ Bounce Charges: | As shown in the table below |
Loan sanction amount (in INR) | Charges in (in INR) |
< ₹ 5 lakh | ₹ 500 |
₹ 5 – ₹ 50 Lakhs | ₹ 1000 |
> ₹ 50 Lakh – ₹ 2 Crore | ₹ 1500 |
> ₹ 2 Crore | ₹ 2000 |
Prepayment/ Foreclosure Charges: | 2% of principal outstanding + applicable taxes |
Valuation Charges: | As per actuals |
Penal Charge/Late Payment Charge (LPC): | 2% per month on overdue EMI + applicable taxes |
*LPC revised from 3% to 2% per month on overdue EMI w.e.f. 4th Dec 2023 | |
*Taxes applicable on LPC w.e.f. 1st Apr 2024 | |
Legal /Recovery /Repo /Parking & other Charges: | As per actuals |
RC Non submission Charges: | ₹ 1000/- |
Duplicate NOC Charges: | First 3 paper copies - free of cost |
₹ 1000/- + applicable taxes | |
Repayment Swap Charges (per swap): | ₹ 500/- + applicable taxes (Applicable only for branch walk-ins) |
Document Charges: | Nil for documents like Statement of Account/Repayment Schedule /Foreclosure Letter & Welcome Kit |
*Terms & Conditions Apply. All actual charges will be as per Key Fact Statement (KFS) shared by the company.