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

Refinance Loan is a pre-approved loan, for L&T Finance Tractor customers, whose tractor loan is closed and has an regular repayment track record. The offerings of this product include loan amount of up to ₹ 3.5 lakh with 48 hours* disbursement. Get your loan at a competitive interest rate starting at as low as 10%* p.a. We provide a hassle-free digital experience with fast and reliable customer support. Our flexible repayment term of up to 48 months fits your crop cycles and harvesting patterns, helping you manage your budget better.

Refinance Loan
Used Tractor Loan
Pre-owned Tractor Loan

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

Pre-approved Loans

Get your Loan against your tractor upto ₹ 3.5 lakh*

Loan Tenure

Choose your repayment period from 12 to 48 months

Competitive Interest Rates

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

Flexible Repayment

Repayment options aligned with crop cycles and harvest time

No Hidden Charges

Start to finish, our Loan has a transparent process

Minimal Documentaion

Our easy application process requires no physical documents

Faster Disbursement

Receive your loan amount within 48 hours*

Paperless Journey

End-to-end digital document collection for easy loan disbursment

EMI Calculator

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

Preferred loan amount

₹

₹1,00,000

₹3,50,000

Flat rate

10%

19%

Loan tenure (months)

12 months

48 months

Estimated EMI

per month

₹ 36,690
Interest payable
₹52,41, 690

Apply Now

Eligibility & Documents

Eligibility

Age Requirement

18 years to 65 years

Customer

L&T Finance New Tractor Loan customer, with loan closed and No transfer of ownership of the tractor

Asset Age

Maximum up to 11 years (at the end of loan tenure)

Documents

ID Proof

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

Address Proof

Fees & Charges

List of all fees and charges for Refinance 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

Apply for Refinance Loan with these steps

FAQs & Support

View all

Can I pre-pay my Refinance Loan?

Yes, you can foreclose your Refinance Loan. However, a foreclosure charge of 2% of the principal amount plus applicable taxes will be applicable.

Who can avail of a Refinance Loan?

The Refinance Scheme is available to farmers who hold a closed Tractor loan with good repayment track record and are looking for better financing options for their farming needs.

What is the maximum tenure I can avail myself of a Refinance Loan?

The maximum tenure for the Refinance Loan is up to 48 months, allowing you to manage your repayments effectively.

How can I apply for a Refinance Loan?

To apply for a Refinance Loan, follow these steps:

Apply Online
Click on the "Apply Now" button in the Refinance Loan section and fill in the form with your personal details and loan requirement
Get in Touch
Our loan representative will contact you and share pre-approved offers and collect the required documents
Document check
Our representative will check and verify your documents before processing the loan
Get Loan Disbursment
Get your loan disbursement directly in your bank account, ensuring fast and seamless access to funds

Are there any tax benefits for Refinance Loan?

Currently, no specific tax benefits are mentioned for the Refinance Loan. It is advisable to consult with a tax expert to understand potential deductions related to agricultural loans.

What is the maximum loan amount I can get under L&T Finance for Refinance Loan?

The maximum loan amount ranges up to ₹ 3.5 lakh, varies by individual eligibility and can be assessed during the application process based on land holdings, repayment track and asset value of the tractor.

What is the maximum loan amount I can get under L&T Finance for Refinance Scheme?

Who is eligible for a Refinance Loan?

Eligibility is open to farmers who meet the following criteria:
Age : 18 to 65 years
Customer : Existing L&T Finance New Tractor Loan customer, with No transfer of ownership
Asset Age : Maximum up to 11 years (at the end of loan tenure)

Is a CIBIL score required to avail of a Refinance Loan?

While a CIBIL score may be checked during the application process, it is not a primary requirement for eligibility under the Refinance Loan, which focuses on existing L&T customer status.

How long does it take to process a Refinance Loan?

The Refinance Loan is sanctioned in 24 hours*, with funds disbursements within 48 hours*, enabling quick access to necessary capital.

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

Sanjay

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

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