If you are in an agricultural business then you know it more than anyone else how important owning a tractor is. The tractor not only simplifies your farming job but it also helps add productivity to your business. Getting a new tractor can be a costly affair but it can be made less worrying with a tractor loan from a trusted lender. This loan is also available for people or businesses who want to enter the tractor renting service.
The eligibility criteria can differ from lender to lender. However, the same can be divided into two categories, for farmers, and for non-farmers.
The annual interest rate for the loan can vary from 13-20% depending on your lender. You will also have to pay a processing fee of up to 4% of the total amount of loan sanctioned. This fee can differ for different banks or other lending companies. If you ever fail to pay the interest on time, you will have to pay a penalty fee of 2% over the regular Equated Monthly Installment (EMI). Other than these, lenders can include other charges, which will be mentioned in their paperwork. You can use an online tractor loan EMI calculator in order to get an idea about how much you have to pay in order to recompense the debt.
The tractor finance comes with many great benefits. Here is a list of a few that will convince you of its effectiveness:
With the tractor loan calculator, you can check the benefits across different lenders in order to easily find the best possible choice for yourself.
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