The agriculture sector still contributes as one of the significant sources of livelihood for the people of rural and semi-urban India. One of the essential things required in farming is a mechanised tractor. These tractors form the backbone in the entire farming operations that help in mass production. They help in increasing the output from agricultural activities manifold that otherwise would not be possible in the absence of heavy machinery like a tractor.
They are the modern age farmers’ best-friend and help them in saving time and money. Each farmer wishes to own one of these tractors that helps them increase their production. Not all farmers can afford one such tractor, and they require financial assistance in doing so. Apart from farming, these tractors also help in transporting their goods to a nearby silo for its proper storage and future use. This is when Mahindra Finance Tractor Loan comes into the picture to help them in providing with required financial assistance.
The following are the key features of Mahindra Finance Tractor Loan-
- Quicker disbursal in up to two days of sanction.
- Customised repayments based on cash flows (it can be at monthly, quarterly, or even half-yearly.)
- A strong network of branches that span across the rural and semi-urban India.
- Loan tenure can range up to five year period.
- Loan facility is available for a variety of brands and makes of tractors.
- Loans are provided without any mortgage against the land.
The tractor loan eligibility requires a basic list of documents that include certain KYC documents as mentioned in your application form, a proof of income to support your repayment capabilities and an agricultural land ownership document. These documents, if meet the required criteria, can help the farmers avail tractor loan interest rates at an affordable price.
Application to a Mahindra Finance tractor loan can be made by approaching your nearest branch, or tech-savvy users can apply for a tractor loan online too. You can note that there is no capping on maximum amounts for tractor finance, it can be customised to suit your needs.
Let us look at the procedure to avail tractor finance from Mahindra Finance-
- At first, you must check your eligibility; it varies among each lender. However tractor loan being part of agriculture finance, there are specific requirements to own certain acreage of land.
- Ensure you have the necessary documents which include proof of income and Know-Your-Customer (KYC) documents.
- Furnish necessary details as required in the application form. Ensure that your application form is complete in all aspects to avoid any rejection of loan proposals.
- Before finalising, make sure you have read thoroughly the documents that specify the charges and other processing fees.
A tractor loan can help the farmer in availing a helping hand in growing the production manifolds. Ensure you avail the best services for a tractor loan from Mahindra Finance.
