Warehouse Receipt Financing: Meaning, Features, Benefits & How It Works?
Sep 8, 2025 | 4 mins read
If you're planning to purchase a pre-owned tractor, our Used Tractor Loans offer a range of benefits to make your purchase easier. Get financing for second-hand tractors with a 72-month repayment schedule that aligns with your crop cycle with multiple repayment options. Our easy application process and end-to-end digital, fully paperless journey allows you to apply for the loan without hassle. With loan sanction within 24 hrs, disbursal within 48 hours and competitive interest rates, we aim to make borrowing hassle-free. Apply today to secure the tractor you've been looking for.
A Used Tractor Loan is designed to help individuals or businesses to purchase pre-owned tractors. This loan offers financing for second-hand tractors, allowing borrowers to acquire the necessary equipment without bearing the full cost upfront. The loan typically features flexible repayment options tailored to the borrower’s income cycle, making it easier to manage payments.
| Type | Criteria |
|---|---|
| Age requirement | 18 years to 65 years |
| Income Eligibility | Based on size of land holdings and per acre yield |
| Document Type | Required Document & Checks |
|---|---|
| ID Proof | Aadhaar | PAN card | Voter ID | Driving License | Passport |
| Address Proof | Aadhar | Voter ID | Driving License | Passport | Latest telephone bill (landline) | Latest electricity bill | Latest bank account statement |
| Land Ownership Proof | Agricultural land document |
| Other Documents | ACH/ECS Mandate |
List of all fees and charges for New Tractor Loan
| Charge Type | Details |
|---|---|
| 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 Lakh - ₹ 50 Lakh | ₹ 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.
Considering a loan on a used tractor can be easy by following these five simple steps. Here's how to ensure second hand tractor finance:
1. 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
2. Get Contacted by our representative
Our loan representative will contact you and share available loan offers and collect required documents
3. Eligibility and Document check
Our representative will check your eligibility and verify your documents before processing the loan
4. Own your New Tractor
After approval, your loan amount will be directly disbursed to the dealership for a seamless purchase process
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