Top 5 Tractors under 50 HP in India
Mar 11, 2025 | 4 mins read
Refinancing a loan can help farmers reduce tractor Refinance Loan rates, improve cash flow, and manage repayments better. However, it is crucial to be aware of the Refinance Loan fees and charges before applying. There are several fees & charges, such as processing charges, prepayment penalties, legal fees, and valuation costs. Farmers applying for a Refinance Loan should carefully evaluate these costs before proceeding.
Type | Interest Rate and Charges |
---|---|
Processing Fees / Documentation Charge: | Up to 2% of the loan amount + applicable taxes |
Repayment / EMI 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.