A loan against a tractor means that you can refinance your current loan. You can get a new loan to pay off your old one while keeping the same number of payments and interest rates.
The loan against tractor or tractor refinance is a great option for the farmers and agricultural owners. It helps them to ensure that there is an additional source of income. This will be helpful for them because it doesn’t result in stress and keeps their income stable and on track. The bank will also pay more interest on this loan, so you don’t have to deal with any form of extra expenses after taking this loan against your tractor.
Things you should know about Tractor Refinance
Are you planning to buy a new or a used tractor? Do you want to refinance your old tractor loan? Do you want to improve your business by purchasing agricultural equipment?
Such questions must be answered before the last minute. Learning about loan against tractor can help you decide whether to take the next step in making your dreams come true.
Existing loan amount
The Loan Against Tractor or Refinancing Loan works as a financing solution for farmers who wish to get a loan amount against their machine. Farmers can apply for funds to borrow money from banks against their tractor, but it comes at a price: you must pay EMIs and principal outstanding amount on your previous loans that could have been recast into this new loan deal.
Tenure of your loan
A loan against tractor is a way to pay off a mortgage or borrow money, either for the down payment on your new tractor or for another purpose. It’s called an “accelerated payment plan,” which means that you’re refinancing sooner instead of waiting for the full term of your loan to end.
EMI of your loan
The EMI calculator is essential to determine the amount you will receive when you take a tractor loan. You can see how much of the loan amount will go into the foreclosure of your existing loan and how much cash you will get in hand to spend by specifying the EMI of your current loan.
Calculate your Tractor loan EMI on TVS Credit to determine your loan tenure. Through TVS Credit, you can also easily repay your EMI by using options like ECS, post-dated cheques or online payment, as per your convenience.
No. of EMIs paid
Before you consider a top-up or balance transfer tractor loan, you need to have paid at least 12 EMIs on your existing mortgage. The number of completed months on your existing contract is also a key factor in determining how much of the original loan amount has been paid already.
How to apply for a tractor loan or refinancing loan?
Tractor refinance is one of the best ways to reduce your current tractor loan burden and utilize that cash for something else. But are you eligible to take such a loan? Here are the eligibility criteria and other benefits of a tractor loan.
Small and medium enterprises, who are owners of a tractor as well as ownership of the land on which it stands, can avail of the tractor loan. All you need to have been proof of your ownership in case you’re already paying EMIs against your tractor. To avail of this facility, all you need is a bank account
You will be required to provide TVS Credit with the original RC of your tractor loan. At the same time, you only need to provide a bank account statement, KYC documents, and a copy of your PAN card. If you have an existing tractor loan, we’ll also need a 6-month bank statement from which the current EMI is paid.
TVS Credit tractor loan is designed to enable farmers to buy new tractors without delay. With their online application, it’s easy to apply and get the NOC within a day. Once this is collected, TVS Credit will transfer the full amount of your loan into your bank account in 48 hours.
Speedy loan processing
TVS Credit’s tractor loan is designed to enable farmers to buy new tractors without delay. With their online application, it’s easy to apply and get the NOC within a day. Once this is collected, they will transfer the full amount of your loan into your bank account in 48 hours.
Yes, it’s true you can opt for a hassle-free tractor loan. However, there is no need to pay a huge EMI as the interest rates are very reasonable at TVS Credit. So, if you have an old tractor that has been sitting in your shed for a year looking like an old friend, get it out and start using it again. It will be good exercise while you save a lot of money too.
Click here to get an instant tractor loan.