OVER 45 & WORRIED AB...
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Tractors have become essential tools for farmers, aiding them in various tasks from sowing seeds to transporting harvested crops. However, buying tractors can be a financial challenge for many small-scale farmers in India. Tractor loan or tractor finances are financial products specifically designed to help farmers purchase tractors. These loans are offered by leading banks, government financial bodies, and non-banking financial companies across the country. The loans can be used to buy new tractors, mini tractors, and even used tractors. Tractor loans require collateral, usually the tractor itself or farming land, and have repayment terms similar to car loans. There are several features and benefits associated with tractor loans, including varying interest rates, the need for insurance, the use of tractors as collateral, and the requirement for a down payment. The maximum loan amount typically covers 90% of the tractor price, and banks may charge a loan processing fee.