Top 5 Tractors under 50 HP in India
Mar 11, 2025 | 4 mins read
Refinance loan is provided to existing Tractor customers of L&T finance whose Tractor Loan with L&T Finance has ended and been closed. We provide a new loan to the customer against the same tractor for working capital needs. The customer can use the loan for agricultural and farming requirements. It can either for pre-sowing, during crop growth and post harvest requirements.
Applying for a Refinance Loan can help farmers manage financial burdens more effectively. However, before applying, it is essential to meet the Refinance Loan eligibility criteria set by lenders. Eligibility for refinancing depends on multiple factors such as credit score, repayment history, tractor age, and ownership of agricultural land.
We use a combination of financial and agricultural factors to determine agriculture loan refinance eligibility. Some key considerations include:
1. Credit Score and Repayment History
2. Documents provided in prior loan
3. Farming Income Stability
4. Hypothecation of Tractor
If the tractor is hypothecated, in the name of any other lender (except L&T Finance), the same has to be removed before loan application.
Type | Criteria |
---|---|
Age Requirement | 18 years 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) |
Several external and financial factors can influence tractor refinance loan eligibility. These include:
If an applicant does not meet the Refinance Loan eligibility India criteria, they can take the following steps to improve their chances:
1. Improve Credit Score
2. Strengthen Documentation
3. Asset Age
4. Apply with a Co-Applicant
Following these steps can improve eligibility and help secure better loan terms.