Best Farm Equipment Loans You Should Know About:


Best Farm Equipment Loans You Should Know About:

India is majorly known for its agricultural sector. Agriculture makes our country stand tall as second-best among the world. Farming has grown over the years, and farm equipment has a significant role in this growth phase. Farm equipment helps the process of agriculture easy and quick, that ensures higher productivity. 

Farm Equipment might be anything starting from tractors, harvesters, implements, planters and others. Some farmers might not have the financial support they need for buying these types of equipment for indulging in better farming activities. But with the help of farm equipment financing, you can be sure that you can get the needed financial support. 

Maximum Loan Amount You Can Get For A Farm Equipment Loan:

The loan amount that you can get for a farm equipment loan varies depending on the equipment you want to buy, the collateral you can provide, tenure you choose and the income you earn from your farming. Both banks and NBFCs in the country provide equipment financing loan amounts that are 90 – 100% of the amount of the equipment. 

Interest Rate For Farm Equipment Loans:

The interest rate at which you get your farm equipment loan varies, depending upon the collateral you provide, loan amount and the tenure you choose. 

Process Of Farm Equipment Loan:

The process of getting a farm equipment loan is very easy and straightforward. But the most crucial thing that you should do is thorough research. Only when you do thorough research, you can find out about the best financial providers and the available loan products. 

After finalising the loan provider from whom you want to get the loan, you can provide the loan application with the required documents. Once when you provide the needed things your loan will be processed and the amount will be sanctioned to your bank account. 

Best Farm Equipment Loans In India:

In India, both  Here are the top farm equipment loans that will help you with financial support:

State Bank Of India:

When you want to get a farm equipment loan from SBI, you will want to own a piece of land under your name. Your age should be from 18 to 70 years. Whatever might be the category of farming you belong to you are eligible for the loan. The finance ranges start from a minimum of Rs.1,00,000 and above. 

The loan repayment options are flexible, and tenure ranges up to 7 years. Repayments are flexible and will be on a half-yearly and yearly basis, depending on how you choose. You should provide them with all the requested documents along with the application your loan will be processed. There are not any additional processing charges for the loan.

Shriram Transport Finance Company (STFC):

Shriram Transport Finance Company is one of the best NBFCs in India known for providing an extensive range of financial services for its customers. They have decades of expertise in helping farmers like you with farm equipment loans to increase your productivity. Their loan products come with flexible tenure options and repayment methods that you can choose depending on your requirements. 

They offer financial assistance for both used and new farm equipment depending upon your needs. Their interest rate is desirable and one of the best in the market. Shriram Transport offers you exclusive additional benefits along with the loan that makes it one of the best loan products. They provide you with customised loan products after enquiring about your requirements thoroughly. 

When you provide them with the needed documents along with the application form and your loan amount will be disbursed quickly to your bank account. They have a tie-up with top dealers and product producers in the country from whom you can get your equipment at ease. The loan process is hassle-free and the best that makes them unique and best in their industry. Their extensive customer support is another critical factor that makes people choose them over the other financial providers. 


ICICI Bank is another bank that provides farm equipment loans which are under the age range of 18 to 70 years. The interest rate for these loans will vary from 10.70% to 14.05% depending upon your credit history, loan amount and some other parameters they have. The repayment of the loan will range from 3 to 4 years that you can either choose a monthly, half-yearly or yearly basis to make your payments.

The processing fee that comes with the loan is 1% of your loan amount, and you should pay that at the time of loan disbursement. Depending upon your requirement, the loan amount will vary. This loan product will help you with purchasing cattle, agricultural or farm equipment. 

Kotak Mahindra Bank Limited:

When you are a farmer from upcountry or rural areas, Kotak can provide their farm equipment loans. This financial provider offers loan products for types of equipment like tractors, trailers, harvesters and so on. Whatever might be your loan requirements, you can get this loan product to fulfil it. Kotak also offers funds for old as well as new farm equipment. 

They also provide top-up loans, balance transfers and other related loan products. They offer you with doorstep service options for your loan process. Their loan product is quick, and they provide excellent customer service during the loan tenure. They provide you with one of the best interest rates among the banks in the country. They have tie-ups with many top dealers from whom you can purchase your farm equipment. They provide extended support during and after the loan application process to make it smooth and stress-free.

Mahindra Finance:

As one of the other NBFC in the country, Mahindra Finance provides different loan options that you can choose depending upon your requirements. They have flexible loan tenures and repayment options that can make it easy for you. Their loan products are customised and are designed specially to suit your needs and make you out of financial stress.

The loan tenure ranges up to 3 months to 5 years that you can choose to depend upon your financial stature and needs. Once when you provide them with the necessary documents, your loan will be processed quickly and the amount will be sent to your account directly.

Bottom Line:

When you want to get the best loan product and benefit from it, then thorough research on the financial providers is the first step on your mission. It would be best if you chose the financial provider who offers the most suitable loan product along with a significant interest rate to you. So make a wise decision to get higher benefits. 


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