FREQUENTLY ASKED QUESTIONS
Q. Do I have to mortgage land for availing of a Tractor Loan?
A. No, the tractor loan will be made available without the mortgaging of land.
Q. What are the advantages of choosing Autotrac Finance for tractor finance
A. Flexibility: With minimal documentation
Reach: Strong network of branches in rural and semi-urban India
Speed: Loan approval within 2 working days
Q. Is there a pre-payment option for your product?
A. Yes. You can foreclose the loan any time after 6 months of taking the loan with a 5% prepayment fee on the outstanding loan amount.
Q. Do I need a guarantor?
A. For marginal loans we do not need a guarantor. However, for high-end loans, we would need a guarantor. Under Tatkal Express, a guarantor is not required.
Q. Can I select to give either post-dated cheque or equated monthly installments for my entire loan payment structure?
A. Yes, we accept both SPDC’s and cash installments.
Q. Can I get a loan if I am not a permanent resident and have been staying at my current residence for less than six months?
A. No. We would check for a minimum of 3 years of residence stability.
Q. How do I approach Autotrac Finance for a tractor loan?
A. You can obtain your tractor loan through any Autotrac Finance branch. You can even apply online and we'll get in touch with you shortly.
Q. What are the minimum & maximum tractor loan amounts?
A. The tractor loan amounts can be customized to suit your individual needs.
Q. What are the tractor loan tenure options?
A. A minimum period of 1 year and a maximum period of 5 years.
Q. What is the down payment?
A. This is zero down payment scheme. We are financing 100% LTV + insurance.
Q. Can I take a tractor loan without Income Proof or Business Proof?
A. Sure. Tractor loans are disbursed based on land holdings and monthly income.
Q. Can I get a Tractor Loan without a bank account?
A. You need to have a bank account.