Many banks and non-banking financial companies (NBFCs) offer tractor finance. You may use the loan to buy new or second-hand tractors to meet all your farming needs. The interest rates and repayment tenure of these loans vary among lenders. Read on to know some important aspects of these loans.
Things to know about tractor loans
A tractor loan enables you to purchase the equipment you need to improve production and grow your farming business. However, there are a few things that you must keep in mind before availing of finance. The below list can help you make an informed decision.
1. Interest rate
The interest rate on any loan must be your primary concern. If it is high, your repayment amount will be significantly increased. The interest rate varies among lenders, and they decide it based on your credit score, tenure, and loan amount. Hence, you must compare the tractor loan …