Tractor Finance and its Significance
India is a country driven by agriculture and farming. Till date, a major chunk of our nation’s income comes from agriculture and farming related activities. The onset of the Green Revolution in the 1960s saw a rise in food production, but unfortunately, not everyone has been able to benefit from this. Most farmers and agriculturists have the land, but don’t have the right equipment to make the most of their efforts. The tractor, is one such engineering marvel, that can help them turn things around, but the lack of funds, makes it unattainable. This is where tractor finance or tractor loans comes in.
There are a lot of private and nationalized financial establishments that provide tractor finance. They have realized how important a role this loan has on the livelihood of farmers and agriculturist, and hence try to keep the application process as hassle free as possible. These loans are available for all tractor brands and models, new and second hand tractors and even to those people who live in the remotest corners of our country.
The paper work is minimal and you do not require a guarantor. Most establishments tend provide loan of about 80-95% of the price of the tractor. The interest rates too are on the lower side ranging from about 15-20%. Also, considering the financial nature of the sector and the financial status of the borrower, these loans tend to have extremely flexible repayment options like monthly, quarterly or even once in six months.
The tractor, you will agree, plays a major role in driving our nation’s agricultural and farming related activities forward. It helps farmers and agriculturists make the most of their efforts, thus making them self-reliant. It feels really good to know that there are a lot of financial establishments that are waking up to this fact, and are empowering such people by providing them with tractor finance.