The demand for the agriculture sector is never slowing down as food forms as one of the basic needs for survival. Although foods include meats and poultry items, the crops and grains that are cultivated are the primary components in any food across the nation. The demand for the foodgrains in our country is supported by agriculture and which relies heavily on using mechanized tools to increase production.
For such uses, a farmer prefers to use a tractor for mass cultivation. It is not only restricted to ploughing fields but also helps in facilitating mobility for that produce. This widespread usage has led to the expansion of demands in the agriculture community, thereby increasing the financing needs of such tractors.
Our farmers, too, have a new best friend from an earthworm to a tractor. There is very little that cannot be done using a tractor, and that is what makes it crucial in the entire agricultural sector. But the harsh reality dooms upon us where not all farmers can afford a tractor by paying upright all the money. This is when a tractor loan comes to the rescue. Tractor finance is available for all eligible farmers depending on the terms of each lender.
Some notable features of a tractor loan unlike a regular loan are as follows-
- The disbursal is as quick as up to two days of its sanction, unlike prolonged disbursal cycles in ordinary loans. This is done on a fast track basis so that the production cycle does not get hampered.
- Most lenders have a customized repayment schedule based on the cash flow that is expected by the farmers. This relaxation in repayment is offered considering the seasonal nature of corps. (There is an allowance for quarterly and half-yearly payments unlike monthly installments in case of regular loans)
- The loan tenures can go up to five years to flatten the curve of installments.
- Various brands and makes of tractors are supported under the finance schemes depending on the terms and conditions of the lender.
- There is no requirement for the mortgage of land in case of a tractor loan.
One can use an EMI Calculator to calculate the installments that shall be required to be paid to the lender. An EMI calculator can assist the user by taking input regarding the loan amount, the tractor loan interest rates, and tenure of the loan. In case of a tractor loan, the system shall prompt for the interval of the installment as there is flexibility for paying quarterly or half-yearly too. You can check your tractor loan eligibility by visiting the lenders’ website. Avail a tractor loan online and avail quick finance for your tractor hassle-free.