Tractor Loan/Finance/Refinance

MAGMA FINCORP

FEATURES & BENEFITS OF TRACTOR FINANCE

Flexible tractor loan documentation
Loans available for farmers based on land holdings.
Loans from marginal to high-end farmers (based on land holdings).
Loan repayment options in monthly, quarterly, or half-yearly cash instalments and Security Post Dated Cheques.
Fresh loans without land holding documents for existing Magma tractor loan customers with good repayment records for 12 months or more.
Affordable Tractor loan interest rates

ELIGIBILITY FOR TRACTOR FINANCE

Minimum of 2 acres of land ownership required
Guarantor required
Tractor Loans are disbursed based on land holdings -the higher the land holding, the higher the loan amount.
Upto 95% Loan (Minimum 2 acres of land holding)

No Guarantor required
No land ownership documents required
Upto50-60% Loan (Without land ownership)

Property ownership documents required
Residence stability of 3 years required
70-80% (Property ownership and guarantor required)
Guarantor required

DOCUMENTS REQUIRED FOR TRACTOR FINANCE

Land documents (confirming ownership, crop holding and land holding)
Encumbrance certificate (to check for hypothecation)
KYC documents (identification, proof of address, signature, DOB proof)
Guarantors KYC and copy of land ownership documents

INTEREST RATE & CHARGES FOR TRACTOR FINANCE

Interest Charges

Max 20%

Min 16%

Mean

Our Interest Rates on Tractor Loans vary from 16% to 20% depending on a host of factors. Magma has customized schemes to meet the needs of the customer.

Foreclosure Charges

Max

Min

Mean

5% of the Principal Outstanding for pre-closures beginning 6 months after date of agreement.

No foreclosure allowed within 6 months from date of availing the tractor loan.

Late Payment Penalty

Max 3% per month

Min 3% per month

Mean 3% per month