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Tractor Loans
Axis Bank brings you the best deals in the market and a range of attractive features on loans for tractors. As part of its Agriculture Loans portfolio, Axis Bank offers Tractor Loans with flexible repayment options, quick and easy sanctions, special benefits and much more. To know more about Axis Bank’s Tractor Loans, visit your nearest Axis Bank branch.
Features & Benefits
Get flexible repayment options for your loan
Choose from the following repayment options with a repayment period upto 5 years:
Read MoreEnjoy quick and easy loan sanctions
Apply for a loan from the comfort of your home with Axis Bank’s quick processing and doorstep service
Get flexible repayment options for your loan
Choose from the following repayment options with a repayment period upto 5 years:
- Monthly
- Quarterly
- Half-Yearly
Collateral:
Registered (OR) Equitable Mortgage of NA Residential, Commercial, Industrial Properties; Liquid Security (Fixed Deposits & LIC Policy surrender value).
Repo Rate Reset Frequency - Once in 3 months or as decided by Bank, whichever is earlier.
The bank is free to decide the spread over the Repo Rate. The spread may undergo a change during the tenure of Loan.
Customers who received a disbursement or were sanctioned before October 1, 2019, will continue under the MCLR system. Existing customers interested in switching to the Repo Rate are encouraged to contact our customer care for assistance.
For Loans on MCLR:
Ceiling rate will be 18% per annum. PF 0.75% + Applicable Taxes.
MCLR reset frequency- Monthly/ Quarterly/Half Yearly/Yearly
For Loans on Base Rate:
Existing Loan on the Base Rate will continue till maturity or can be converted into Repo Rate on Customer request.
Eligibility for Tractor Loan
Documentation for Tractor Loan
Fees & Charges
Axis Bank’s Tractor Loans offer flexible repayment options, easy sanctions and many other benefits. The Tractor Loans fees & charges are minimal and completely transparent. You can find out more about the Tractor Loan charges
below.
Warehouse Receipt Loans
This customer-friendly rural loan faility helps prevent distress sales during harvest and offsets seasonal fluctuations.
Microfinance
Axis Bank provides microfinance to individuals that come from poor households to help support their businesses.
Micro Loans
Access quick and convenient banking solutions with minimal documentation to finance your short and long-term business needs. This includes competitive Agri Loan interest rates for rural customers.
Frequently Asked Questions
You can approach Axis Bank in any of the following ways:
- Walk into our branches/retail asset centres
- Contact our sales representative at the dealership
The financed vehicle will be hypothecated to Axis Bank Ltd. and charges of the bank will be recorded on the registration certificate of the vehicle. For mortgage cases, agricultural land of the borrower will be mortgaged in favour of the bank as per applicable state law.
The frequency permitted in particular cases will vary according to the product variants.
- Monthly
- Quarterly
- Half-Yearly
Axis bank finances tractors made by all leading manufacturers in India. Please contact our nearest branches/assets sales centres for details.
Yes, foreclosure is allowed. However the foreclosure charges of 4% would be applicable for the entire tenure.
Maximum funding upto 90% of the bank approved price on the particular tractor brand subject to underwriting norms of the bank.
Once we receive a complete application form along with the necessary supporting documents following actions are taken:
- Determination of your eligibility for the Tractor Loan: For this we consider our internal policy guidelines and examine the documents submitted by you. If you are deemed eligible, you will get an approval for a specific loan amount based on your requirement and repayment capability.
- Axis Bank will convey its decision within 30 working days from the date of receipt of the application provided the application is complete. The computation of 30 days shall start from the day on which all documents required for a proper appraisal of the application are provided by the customer to bank.
Below mentioned is the list of charges applicable after availing a Tractor Loan from Axis Bank
| Sr. No | Type | Charges |
|---|---|---|
| 1 | Cheque Bounce / Instrument Return Charges | ₹339/- Instance |
| 2 | Cheque / Instrument Swap Charges | ₹500/- Instance |
| 3 | Duplicate Statement issuance charges | ₹250/- Instance |
| 4 | Duplicate Repayment Schedule issuance charges | ₹250/- Instance |
| 5 | Duplicate No Dues Certificate / NOC | ₹50/- Instance |
| 6 | Penal Interest | 2% per month |
| 7 | Part-Prepayment Charges | 4.00% of part payment amount |
| 8 | Foreclosure charges for the entire tenure | 4.00% of outstanding Loan amount |
| 9 | Loan cancellation / Re-booking | ₹500/ instance |
| 10 | Stamp Duty | On Actuals |
| 11 | Issuance of Credit Report | ₹50/- Instance |
*Goods and services tax (GST) will be charged extra as per the applicable rates, on all the charges and fees (Wherever GST is applicable)
The excess amount is kept in SOA for 90 days in Quarterly cases , up to 180 days in half yearly cases and upto 60 days for other payment frequency.
| Credit Balance for < 60 days | Scenario | Treatment |
|---|---|---|
| Excess amount | < 50% of Instalment Amount | Excess balance to be adjusted by CAH team towards Charges, Overdue if any, else against POS. |
| Credit balance for > 60 days | Scenario | Treatment |
| Excess amount | > 50% of Instalment Amount | Agri customer who availed half yearly repayments tend to deposit money in tranches. Excess amount will be kept unappropriated in the loan account up till next EMI due date for Half-Yearly repayment cases, up till 60 days for other repayment modes for adjustment against future instalment. If future instalment due date is not falling within 60 days from the date of deposition of excess money for Monthly & Quarterly repayments, such excess amount to be adjusted by CAH team towards Charges, Overdue if any or against POS on expiry of 60 days’ time period. For Half Yearly repayments all such adjustments to be done by CAH team after servicing of next EMI. |
| >= Instalment amount & < POS | Such funds will be parked in the Loan ledger and will be adjusted against future instalment. These will be shown as excess amount in the SOA for half yearly cases up to next EMI due date and other payment frequency for up to 60 days. | |
| >= POS | Cases should be referred to operations team for confirmation foreclosure, for any kind of waiver, approval needs to be obtained in OAS as per delegation of authority |
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