There is a surge in small business set ups. The list isn’t restricted to urban areas alone, but also extends into the rural area. Farmers are ready to venture into modern tools and equipment’s for their agriculture purpose.
One such need is of a good tractor. Well now you do not have to worry about it anymore, as there are many non- banking financial institutions that are ready to finance your tractor owning dream. Let us try to understand the product in detail.
What is Magma’s Tractor Loans all about?
Magma readily finances your tractor owning dream. This financing house provides with all the necessary finance for all the brands of Tractors. Also, they provide you with loans for buying used tractors. You can avail loan up to 95% of the tractor price. The best part is they do not take your land as mortgage.
How to apply for Magma’s Tractor loan?
Applying for a Magma tractor loan is a very easy task. The entire procedure not only comes with minimal paper work but also is completely hassle free. They have their dealers spread across 6000 branches all over pan India. There are village blocks where you can avail help for your tractor financing related issues. So visit your nearest Magma branch anytime and avail the services.
What are the different types of products available under the tractor finance segment?
Magma has divided the tractor financing segment in three different parts. Agricultural, commercial and tatkal scheme are the three categories under which you can apply for a tractor loan. Under the agricultural scheme you can avail loan up to 95%, you are expected to own lands up to 2 acres. With the commercial scheme you can avail up to 70- 80% of loan; however a guarantor and property ownership is required. Lastly, comes the Tatkal scheme, wherein, one can avail loan up to 50- 60% with a guarantor provided.
So visit your nearest Magma branch and avail of the many finance related products they have to offer.