Tractor Loan to Power Your Farming Needs with Flexible Financing

Loan Amount Up to ₹15 Lakh
New & Used Tractor Finance
Flexible Tenure and Repayment Options
Digital & Hassle-Free Process

Apply Now

Tractor Loan for New and Used Tractors

A tractor can help you improve farm operations, manage agricultural activities efficiently and support productivity. With an IDFC FIRST Bank Tractor Loan, eligible customers can finance a new tractor or a pre-owned tractor based on their requirements. The New Tractor Loan offers financing up to ₹15 lakh with tenures up to 72 months, while the Used Tractor Loan offers financing of up to ₹5.5 lakh with tenures of up to 60 months. Both options are designed with flexible repayment options and a simplified loan journey.

Tractor Loan

Tractor Loan EMI Calculator

Use a tractor loan EMI calculator to estimate your instalment on the basis of the loan amount, applicable interest rate, and repayment tenure.

What Is a Tractor Loan and How Does It Work?

A tractor loan is a financing option that can help you purchase a tractor for agricultural purposes without paying the entire purchase cost upfront. You can select financing for a new tractor or a pre-owned tractor, subject to the applicable product terms and eligibility criteria. With IDFC FIRST Bank, the New Tractor Loan provides a loan amount between ₹1 lakh and ₹15 lakh and a repayment tenure between 1 and 6 years. The Used Tractor Loan provides financing for a loan amount between ₹1 lakh and ₹5.5 lakh for a tenure between 1 and 5 years. The applicable tractor loan interest rate is 12%–16% for a new tractor and 16%–20% for a used tractor.

Finance a Tractor Loan on the Basis of Your Needs

Your tractor finance requirement can vary depending on whether you want to purchase a new tractor, a pre-owned tractor. Choose the loan option that aligns with your intended use, budget, and repayment capacity.

Finance a New Tractor

The New Tractor Loan can help eligible customers finance a new tractor with a loan amount of ₹1 lakh to ₹15 lakh. You can choose a repayment period of 1 to 6 years, allowing you to structure repayments according to your financial capacity and cash flow cycle.

Finance a Used Tractor

A used tractor loan can be considered when you prefer a pre-owned tractor. IDFC FIRST Bank provides financing for pre-owned tractors aged up to 15 years, with a loan amount of ₹1 lakh to ₹5.5 lakh and a tenure of 1 to 5 years. A refinance facility is also available for eligible requirements.

Key Features of the IDFC FIRST Bank Tractor Loan

IDFC FIRST Bank offers tractor finance with features intended to simplify the borrowing process and provide flexibility for eligible customers.

New Tractor Loan
Used Tractor Loan

How Is Tractor Loan EMI Calculated?

Your tractor loan EMI depends primarily on the amount borrowed, applicable interest rate and selected repayment tenure. A higher loan amount or interest rate generally increases the EMI, while a longer tenure can reduce the instalment but may increase the overall interest payable. You can use the tractor loan EMI calculator to estimate your repayment obligation before selecting your loan amount and tenure.
For an accurate estimate, enter the applicable loan amount, tractor loan interest rate and repayment period in the calculator.

Amount

₹

₹1L ₹15L

Tenure

Months

12 72

Interest Rate

p.a.

12% 20%

Your EMI will be*

₹35,653/Month

Total interest payable

₹

Total Loan amount

₹

Total amount payable

₹

Apply for Tractor Loan

Disclaimer: The EMI shown is indicative and is calculated on the values you enter. Your actual EMI, interest rate and charges are confirmed at the time of sanction.

Your EMI will be

₹35,653/Month

Apply for Tractor Loan

Who Is Eligible for a Tractor Loan?

The available eligibility criteria apply to both New and Used Tractor Loans.

New Tractor Loan

• You should be at least 18 years of age.

• Your age should not exceed 65 years at the time of loan maturity.

• CIBIL score is considered for eligibility.

• Funding is given for agricultural purpose.

Used Tractor Loan

• You should be at least 18 years of age.

• Your age should not exceed 65 years at the time of loan maturity.

• CIBIL score is considered for eligibility.

• Funding is given for agricultural purpose.

How to Apply for a Tractor Loan

Who can apply?

The available eligibility criteria apply to both New and Used Tractor Loans.

Minimum Age

You should be at least 18 years of age

Maximum Age

Your age should not exceed 65 years at the time of loan maturity

CIBIL

CIBIL score is considered for eligibility

Purpose

Funding is given for agricultural purpose

How to get this?

You can begin your tractor finance journey by checking the applicable eligibility criteria and selecting the appropriate loan option.

What Documents Are Required for a Tractor Loan?

Identity Proof
Address Proof
Income Proof, if applicable
RC, in case of Used Tractor

Why Consider IDFC FIRST Bank for Tractor Finance?

IDFC FIRST Bank can help you choose tractor finance based on your farming and financial requirements. Key advantages include:

Finance for new and used tractors:

Choose financing on the basis of whether you require a new tractor or prefer a pre-owned option.

Digital application process:

Apply through a digital loan journey designed to make the application process more convenient.

Hassle-free documentation:

Simplified documentation can help make the loan application process smoother.

Faster sanction and disbursal:

The Bank offers a streamlined process designed to support quicker sanction and disbursal.

Flexible repayment options: 

Choose between Monthly/ Quarterly/ Half-yearly repayment options designed to align with your requirements and cash flow cycles.

Attractive interest rates:

Competitive interest rates can help you manage the EMI burden more effectively.

Things to Know About Tractor Loans

Before you apply for a tractor loan, consider the following

Compare the loan amount with your actual tractor purchase requirement.

Check the applicable tractor loan interest rate before accepting the offer.

Select a tenure that suits your repayment capacity and cash flow.

Review processing, foreclosure, late payment and EMI bounce charges.

For a Used Tractor Loan, check whether the tractor meets the specified age criterion.

Use the tractor loan EMI calculator to understand your estimated repayment.

Check the applicable tractor loan eligibility and documentation requirements before submitting your application.

Tips to Smartly Use Your Tractor Loan

Make your tractor financing more manageable by considering the following points before and after taking the loan:

Frequently Asked Questions

All

What is a tractor loan?

A tractor loan is a type of financing that helps eligible customers purchase a tractor without paying the entire purchase cost upfront. IDFC FIRST Bank offers financing for both new and eligible pre-owned tractors, with repayment options designed around your requirements.

Can I get a loan for a used tractor?

Yes. IDFC FIRST Bank offers a Used Tractor Loan for eligible pre-owned tractors aged up to 15 years. You can avail of a loan amount from ₹1 lakh to ₹5.5 lakh, with a repayment tenure of 1 to 5 years.

How much tractor loan can I get?

For a new tractor, you can get a loan ranging from ₹1 lakh to ₹15 lakh, with a tenure of up to 6 years. For a used tractor, the loan amount can range from ₹1 lakh to ₹5.5 lakh, with a tenure of up to 5 years.

What is the minimum interest rate offered for Tractor Loans?

The minimum interest rate is 12% for New Tractor and 16% for Used Tractor.

What repayment options are available?

Repayment may be structured as monthly, quarterly, half-yearly, or crop-season-linked instalments, depending on projected cash flow and the bank’s approved product structure.

How is tractor loan EMI calculated?

Your EMI depends on the loan amount, applicable interest rate and repayment tenure. You can use the tractor loan EMI calculator to estimate your instalment before selecting your loan terms.

More FAQs

Get in touch with us

ON A MISSION TO BUILD THE WORLD’S MOST

CUSTOMER FRIENDLY BANK