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✓ From ~7% interest✓ Up to 90% funding✓ Quick approval
Compare Tractor Loan Rates 2026
| Bank / NBFC | Interest Rate | Max Financing | Max Tenure | Processing Fee |
|---|---|---|---|---|
| SBI | 7.0-9.0% | 90% of ex-showroom | Up to 7 years | 0.5% |
| Punjab National Bank | 7.5-9.5% | 85% of ex-showroom | Up to 7 years | 0.5% |
| Bank of Baroda | 7.5-9.5% | 85% of ex-showroom | Up to 5 years | 0.5% |
| HDFC Bank | 8.5-11.0% | 80% of ex-showroom | Up to 5 years | 1% |
| Mahindra Finance | 10-14% | 85% of ex-showroom | Up to 5 years | 1% |
| Shriram Finance | 11-15% | 80% of ex-showroom | Up to 5 years | 1.5% |
❓ Frequently Asked Questions
What is the interest rate on tractor loan from SBI in 2026? +
SBI offers tractor loans at 7.0-9.0% per annum interest rate in 2026. The exact rate depends on the loan amount, tenure, and borrower profile. SC/ST farmers get an additional 0.5% concession. Processing fee is 0.5% of the loan amount.
Can I get a tractor loan without income proof? +
Yes. For agricultural tractor loans, banks accept land records (Khasra/Khatauni) as proof of income. The loan amount is calculated based on your landholding. Typically, banks sanction ₹1-1.5 lakh per acre of irrigated land or ₹75,000 per acre of un-irrigated land.
How long does tractor loan approval take? +
Bank loans (SBI, PNB) typically take 7-14 working days. NBFC loans (Mahindra Finance, Shriram) can be approved in 2-3 days. Farmers with PM Kisan accounts and good credit history (no defaults) get faster approvals.
What is the minimum down payment for a tractor loan? +
Most banks require 10-15% down payment (margin money). For a ₹8 lakh tractor, you need ₹80,000-1.2 lakh down payment. SC/ST farmers getting 50% subsidy effectively need very little margin money as the subsidy counts as equity.