<aside> <img src="/icons/forward_red.svg" alt="/icons/forward_red.svg" width="40px" /> SBI has lower interest rates and finances up to 100% of the total requirement, whereas HDFC provides a longer loan tenure of up to 7 years but charges higher interest rates and finances only up to 90% of the loan amount.

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https://www.bankbazaar.com/personal-loan/tractor-loan.html

https://tractorgyan.com/tractor-loan

Bank Name	Interest Rate	Loan Amount	Loan Tenure
State Bank of India	9.00% p.a. - 10.25% p.a.	Up to 100% finance	Up to 5 years
HDFC Bank	12.57% p.a. to 23.26% p.a.*	Up to 90% finance	12 months to 84 months
Axis Bank	17.50% p.a. to 20% p.a.	Up to 90% finance	Up to 60 months
Magma Fincorp	16% p.a. to 20% p.a.	Up to 90% - 95% finance	At the discretion of the bank

Note: This rate was offered to customers between July 2021 and September 2021

State Bank of India New Tractor Loan Scheme

State Bank of India offers agricultural term loans to those who wish to purchase new tractors and related accessories. Individuals, groups of individuals, institutions, and organisations are eligible to avail this loan.

Benefits/Key Highlights:

To be eligible to borrow this loan, the prospective borrower will need to earn a regular income.
A 15% margin is applicable.
To borrow this loan, the borrower will need to hypothecate their tractor/accessories.
The borrower will need to insure the tractor/accessories purchased after taking a loan.
0.5% of the loan amount is charged as the upfront fee by the lender.

FEATURES & BENEFITS OF TRACTOR FINANCE

The Loan amount will cover the tractor, accessories, implements, insurance and registration expenses.
NO UPPER CEILING in quantum of loan amount.
Quick processing - 7 days from the date of submission of all required documents
Facility of Monthly/quarterly/yearly repayments
Get concession of Interest @1% p.a by repaying promptly
Collateral Security: Registered/equitable mortgage of land for value not less than 100% of the loan amount