Compare Best Tractor Loans Interest Rates 2021
|Bank Name||Interest Rate||Loan Tenure|
|State Bank of India||9.00% p.a. – 10.25% p.a.||Up to 5 years|
|ICICI Bank||13% p.a. to 22% p.a.||Up to 5 years|
|HDFC Bank||12.57% p.a. to 23.26% p.a.*||12 months to 84 months|
|Axis Bank||17.50% p.a. to 20% p.a.||Up to 60 months|
Also, can I get a loan for a tractor?
The best tractor financing programs require credit scores over 680 but there are programs in the marketplace for most credit profiles. Often, tractors can be financed with FICO scores all the way down to 500 based on cash flow, collateral, or other factors.
Subsequently, how is EMI calculated on loan?
The Equated Monthly Instalment (or EMI) consists of the principal portion of the loan amount and the interest. Therefore, EMI = principal amount + interest paid on the personal loan.
How is HDFC EMI calculated?
Use the HDFC EMI calculator and know the exact EMI amount you are liable to pay for different loan amounts.
|E||Equated Monthly Instalment or EMI|
These loans can often be used to purchase either new or used equipment, and generally have terms in the range of one to five years.
How much home loan can I get on my salary?
|Net Monthly income||Home Loan Amount|
Consider – how much personal loan can I get on a 20,000 salary? Sans any other financial obligations, you can expect to be eligible for a loan of Rs. 5,40,000.
|Salary||Expected Personal Loan Amount|
|Rs. 30,000||Rs. 8.10 lakhs|
|Rs. 40,000||Rs. 10.80 lakhs|
|Rs. 50,000||Rs. 13.50 lakhs|
|Rs. 60,000||Rs. 16.20 lakhs|
A: A salary of Rs. 15,000 generally falls in the category of a low-income borrower group. So, an instant personal loan app with a maximum approval amount of 1.5 Lakhs can be availed by the borrower with a starting salary of Rs. 15,000.
25,000, you can avail as much as Rs. 18.64 lakh as a loan to purchase a home worth Rs. 40 lakh (provided you have no existing financial obligations.)
Benefits: Small, Marginal, and SC&ST farmers: 35% subsidy on Tractor and 50% subsidy on purchase of other implements. Other farmers 25% of Tractors cost and 40% subsidy on purchase of other equipment’s. Banks can also apply for the scheme in order to provide the loan to the farmers.
An equated monthly instalment (EMI) is a set monthly payment provided by a borrower to a creditor on a set day, each month. EMIs apply to both interest and principal each month, and the loan is paid off in full over some years.
25 Lakh Home Loan EMI Details
|Repayment Period||EMI Per Month|
|15 Years||Rs. 22192|
|20 Years||Rs. 19083|
|25 Years||Rs. 17352|
|30 Years||Rs. 16298|
New Tractors Price List 2021 in India
|New Tractor Models||Tractor HP||Tractor Price|
|Farmtrac 6055 powermaxx 4wd||60 HP||Rs. NA*|
|Kubota NeoStar A211N 4WD||21 HP||Rs. 3.85-4.25 Lacs*|
|Eicher 241 XTRAC||25 HP||Rs. 3.25-3.60 lacs*|
|Sonalika DI 35 Rx||39 HP||Rs. 6.47 – 6.78 Lacs*|
Tractor loans fall within the category of agriculture loans. This loan can be applied by an individual or group of individuals. The repayment can be done by the entire group of individuals or by a single individual within the group.