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What is a Farm Implement Loan?
We provide hassle-free and convenient loans tailored for acquiring the necessary farm equipment to enhance productivity. Our competitive interest rates and rapid loan approvals and disbursements make the process smooth. Minimal documentation is required for Farm Implement Loans, and we also offer personalised loan solutions to support your growth and success.
What we are offering
Features & Benefits of Farm Implement Loans
Funding
Funding for implements from across manufacturers
Loan Tenure
Loan tenure of up to 72 months
Customised Loans
Customised Loans based on land holdings
Loan Sanction
Loan sanction within 24 hrs
Loans Disbursed
Loans disbursed within 48 hrs
Paperless Journey
End-to-end digital paperless journey
Repayment
Repayment options based on crop cycle and harvesting patterns
No hidden charges
No hidden charges
Charges on Farm Implement Loans
| Schedule of Charges | Charges (inclusive of GST) |
|---|---|
| Processing Fees | Up to 5.9% |
| Penal Charges (excluding GST) | 36% Per Annum on unpaid installment |
| Foreclosure Charges | 4% of the future principal Outstanding | Other Charges |
| Bounce Charges | Rs.750 |
| Duplicate NDC/NOC Charges - physical copy | Rs.500 |
For a complete list of charges, please click here
Eligibility Criteria for Farm Implement Loans
Age: 18 years – 65 years
Minimum Salary: Rs 1.2 lakhs per annum
Minimum 2 acres of agricultural land in the name of the applicant or in the name of close family member and he/ she shall be taken as co-applicant for the Loan.
Documents Required for Farm Implement Loans
How to apply for a Farm Implement Loan?
Our farm equipment financing application process is designed for your convenience. You have the option to apply for a loan either online or in person at your nearest branch, making it easy to choose the method that suits your preferences and saves you time.
Select your Product
Decide the implement for which you want to avail the loan
Get your Loan Approved
Upload the required documents and get your Loan approved.
Get your Loan Sanctioned
After approval, get your Loan disbursed without any delay.
Frequently Asked Questions
TVS Credit has made its farm equipment finance application process easy. The farm implement loan procedure is available both online and offline, and you can either visit the nearest branch or opt for our time-saving online Loan process. Get farm implement loan in 4 easy steps:
- Visit the website
- Select your product
- Get your Loan approved
- Get your Loan sanctioned and disbursed
TVS Credit keeps the needs of farmers and business owners in mind, offering Implement Loans at reasonable and highly competitive interest rates. Learn more about the interest rates for farm equipment loans.
TVS Credit aims at reducing the financial burden of making the heavy investment of purchasing a new tractor. Thus, with our farm implement loan, you can avail funds up to 90% of the total value of the equipment you are buying.
Agriculture Equipment Loans are agricultural loans since they are primarily used in that sector of the economy. However, you can also purchase an implement for use in your business operations. Farm implement loans are also considered to be term loans as the borrowed amount must be repaid within a specific period.
Credit score is a criterion considered by most lenders while approving farm implement loan applications. Usually, a credit score of 680+ is considered healthy. However, in certain cases, even applicants with scores as low as 520 have been able to avail of tractor financing. It is best to check with the lender on your specific situation to get a clear picture.
