Tractor Loan - Purpose of the loan
**Tractor Loan - Purpose of the loan**

Definition: Tractor Loans are loans taken out by farmers or businessmen to buy new or pre-owned tractors. Read on to know more!

**Purpose of the loan**

Whether you are a farmer or a businessman, you can avail a Tractor loan for agricultural or commercial purposes. If you are a farmer, you must own a minimum of 3 acres of agricultural land (varies from lender to lender).

**Features of tractor loan**

•    No security or collateral required  
•    Ease of documentation  
•    Faster approvals  
•    Hassle free transaction  
•    Attractive rates of interest  
•    Both farmers and non-farmers may apply  
•    Get as much as 90% finance on your tractor through this loan  
•    Pay back your loans via postdated cheques or cash collection  
•    Repayment tenure: Minimum 12 to a maximum of 84 months  
•    Tractor loan available for tractors made by leading automobile manufacturers in India  
•    Third party guarantee might be insisted upon  
Eligibility for tractor loan  
•    If you are farmer and own minimum 3 acres of land, you will be eligible for this loan  
•    Agriculture income will be considered if you are a farmer applying for this loan product  
•    Commercial Income will be considered if you are a non-farmer applying for this loan product

**Tractor Loan – How to apply**

If you are looking for a tractor Loan and are unsure about how to apply, then CreditMantri can guide you. You can typically apply for a personal loan which can be used to buy a pre-owned or new tractor.

You can check your eligibility and apply for a [business loan](/business-loan/) by signing up with CreditMantri. It is quick, simple and above all, free.

CreditMantri matches your credit and demographic profile to the lender's lending criteria and presents you a shortlist of only those lenders willing to lend to you based on your unique credit profile. In effect, we pre-screen your application to make sure you are likely to qualify as per the lender's credit criteria. Hence, the chances of your business loan application getting approved are higher.

[Click here](/getstarted/) to sign up and apply for loans, the CreditMantri way!
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credit card features & fees
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Edit: No, TD, it is so the police can see the driver.