Information Centre
Schedule Of Charges
ParticularsCharges Details
Cheque/NACH Bouncing chargesRs.250/- per cheque /NACH bouncing
Overdue Interest/Late Payment Interest3% per month
Collection Visit ChargesRs. 250/- on every instance
Loan Foreclosure Charges3% on Principal Outstanding
Prepayment/Part Payment Charges3% on Part Prepayment Amount
Statement Charges (Foreclosure/ Statement of Accounts,/Amortization Schedule)Nil
Duplicate NOCNil
Charges Incurred by Kisan Finance on behalf of the ApplicantAt Actuals
Swapping ChargesNil
Loan Cancellation ChargesRs. 2000/-
Processing FeeAs per scheme ( up to 3 %)
Legal, Repossession & Incidental ChargesAt Actuals
Cash Handling ChargesRs. 100/- per instance
Stamp DutyAs per State Laws

GST & other government levies, as applicable, would be charged additionally at the applicable rates.

FEES & CHARGES 
The schedule of charges as applicable on date is provided below:
CategoryFees
Fee /Documentation charges /File charge new0.5-2% of Loan Amount
1-2.5% of Loan Amount
Pre-payment / Part Payment Charges *4% of the principal outstanding for any preclosure within 6 months from date of agreement+ service tax
0% – After 6 months
Loan CancellationIn the event of cancellation, Interest charges will be borne by the customer. Processing Fee, Stamp duty and RTO charges are non-refundable charges and would not be waived/refunded in case of loan cancellation.
Late Payment penaltyRs. 250
Statement of Account Charges (on Demand only)Rs. 250
Legal, Repossession & Incidental chargesAt actuals
Stamp Duty & other Statutory ChargesAs per applicable law
Duplicate No Due Certificate / NOCRs. 500/- per Instance
Duplicate Amortization Schedule ChargesRs 200/- per schedule
Loan Re schedulement / Re-booking chargesRs. 1000/-
Cheque / SI / ECS Return Charges *Rs. 550/- per Instance
Documentation chargesAs per applicable law
Charges for swapping PDCs of one bank to anotherRs 0
Additional Finance Charges (AFC)0-30 days- 24 %
31-60 Days- 30 %
60+ Days- 36%
Visit Charges (for collection)Rs. 250
Cheque/ECS bounce chargesRs 250
Cash handling chargesRs. 100
Note : * Where ever notified GST and other government levies, as applicable, would be charged additionally at the applicable rates.
Interest Rate (reducing balance)
New Tractor14%-20%
Used Tractor18%-26%
Frequently Asked Questions
General Enquiry

Whether you are a farmer or not, you can avail Tractor loan from IFFCO Kisan Finance for agricultural or commercial purposes. The loan will be provided on the basis of Income sources furnished and landholding along with supporting documents at the time of application.

Yes, the loan is provided for all leading tractor manufactures (like Mahindra, Tafe, Eicher, Swaraj, Escorts, Sonalika, New Holland, & John Deere, etc.) in India for both new and used tractors.

  1. We prefer minimum documentation according to the loan amount and profile.
  2. Flexible and structured repayment according to the cashflow and suitability of the customer.
  3. We have a strong network of sales professionals.
  4. Transparency in all transactions dealing with the customer from sourcing to payment.
  5. We have digital and technology driven process for quick loan disbursal.

You can visit our branches or give a missed call on 9818707070

A downpayment is an initial payment made by the customer for the purchase of a tractor. It’s a balance between tractor price and loan amount.

Documents and Eligibility
  1. KYC/Land documents/Tractor RC and Insurance.
  2. Supporting documents providing details of income sources other than agricultural land.
  3. Bank account number, account holders’ name, IFSC code, branch name for the purpose of automatically charging the EMI from the bank account.
  4. Also, note that our field executive will take pictures of the required documents, post that he will process the case for approval. RTO application needs to be done post sanction/approval of the loan.

No. It’s not required to mortgage any land or property. Only hypothecation endorsement on tractor is required in favor of IFFCO Kisan Finance Ltd.

Yes, but our sales representative will verify income mitigates at the time of verification in absence of proper income documents as per our policy guidelines.

Yes, but subject to the below criteria.

  1. Should have shifted to own house.
  2. Salaried person transferred to other location.
  3. Shifted house within same locality for temporary reasons.
  4. Family partition.
  5. Govt Employee.

The requirement of a guarantor depends upon the loan amount & creditworthiness of the borrower and is governed by internal credit risk policy.

Loan Process

Time taken for the loan amount to be credited entirely depends on completion of all loan and RTO related documentation. Under normal circumstances, the loan approval is completed within 2-3 working days depending on the sanction related documents provided by the customer as per company guidelines, and the amount is credited within 2 working days’ post completion of all disbursement related documentation, which typically takes about 5-7 days.

A minimum period of 12 months and a maximum of 5 years, depending upon repayment capacity and loan amount.

Agriculture profile: upto 85% (80% in the case of halfyearly repayment option.) Commercial profile: upto 85%.

There is no cap on the maximum loan amount. It depends on the tractor price and equity of the customer.

Loan Payment

Flexible repayment options are provided, namely: monthly, bi-monthly, quarterly, half yearly. Structured repayment in the form of small and large EMI according to the borrower’s requirements is also provided such that the instalment amount can be paid basis the cash inflows of the borrower. (Agri proof in form of land document is mandatory for half yearly repayment)

Loan instalments will be automatically deducted from the applicant’s bank account through NACH (automatic clearance from the customer’s bank account provided at the time of loan booking).

Complaints/Queries/Issues

The applicant will receive a welcome kit that will have all the details of the customer service number, call-back request, email address, and correspondence address. The applicant can also reach out to the sales executive whom he/she has been in contact with for availing the loan.

In order to change your address/contact details in our records, you can contact our relationship executive with relevant documents.

Account maintenance/Closure

Customer can choose to repay the loan earlier than the due date. Foreclosure charges will be applicable as 3% on Principal Outstanding + applicable GST

Customer can choose to pre-pay twice during the original tenure of the loan. Customer has been given the option to pre-pay once in a year(12 months), amount not exceeding 25% of principal outstanding. Applicable Part prepayment charges will be 3% on part prepayment amount + applicable GST. Reduction in tenor will be done while adjusting the part prepayment towards Principal Outstanding.

You may obtain the NOC for a duplicate ‘Registration Certificate’ for your vehicle loan, by contacting our relationship executive.

You may obtain the letter for no objection for the issuance of duplicate ‘Registration Certificate’ by contacting our relationship executive.

Insurance

You may obtain the letter for no objection for the issuance of duplicate ‘Registration Certificate’ by contacting our relationship executive.

In order to change your address/contact details in our records, you can contact our relationship executive with relevant documents.

Whether you are a farmer or not, you can avail Tractor loan from IFFCO Kisan Finance for agricultural or commercial purposes. The loan will be provided on the basis of Income sources furnished and landholding along with supporting documents at the time of application.

  1. KYC/Land documents/Tractor RC and Insurance.
  2. Supporting documents providing details of income sources other than agricultural land.
  3. Bank account number, account holders’ name, IFSC code, branch name for the purpose of automatically charging the EMI from the bank account.
  4. Also, note that our field executive will take pictures of the required documents, post that he will process the case for approval. RTO application needs to be done post sanction/approval of the loan.

Yes, the loan is provided for all leading tractor manufactures (like Mahindra, Tafe, Eicher, Swaraj, Escorts, Sonalika, New Holland, & John Deere, etc.) in India for both new and used tractors.

The requirement of a guarantor depends upon the loan amount & creditworthiness of the borrower and is governed by internal credit risk policy.

Flexible repayment options are provided, namely: monthly, bi-monthly, quarterly, half yearly. Structured repayment in the form of small and large EMI according to the borrower’s requirements is also provided such that the instalment amount can be paid basis the cash inflows of the borrower. (Agri proof in form of land document is mandatory for half yearly repayment)

Time taken for the loan amount to be credited entirely depends on completion of all loan and RTO related documentation. Under normal circumstances, the loan approval is completed within 2-3 working days depending on the sanction related documents provided by the customer as per company guidelines, and the amount is credited within 2 working days’ post completion of all disbursement related documentation, which typically takes about 5-7 days.

Loan instalments will be automatically deducted from the applicant’s bank account through NACH (automatic clearance from the customer’s bank account provided at the time of loan booking).

The applicant will receive a welcome kit that will have all the details of the customer service number, call-back request, email address, and correspondence address. The applicant can also reach out to the sales executive whom he/she has been in contact with for availing the loan.

Customer can choose to repay the loan earlier than the due date. Foreclosure charges will be applicable as 3% on Principal Outstanding + applicable GST

Yes, our executive will check how many instalments were delayed for the payment and if in case there was a payment delay/lapse of 1-2 instalments with a valid reason, the loan application can be considered again depending upon total satisfactory repayment record during the entire tenure history.

No. It’s not required to mortgage any land or property. Only hypothecation endorsement on tractor is required in favor of IFFCO Kisan Finance Ltd.

  1. We prefer minimum documentation according to the loan amount and profile.
  2. Flexible and structured repayment according to the cashflow and suitability of the customer.
  3. We have a strong network of sales professionals.
  4. Transparency in all transactions dealing with the customer from sourcing to payment.
  5. We have digital and technology driven process for quick loan disbursal.

A minimum period of 12 months and a maximum of 5 years, depending upon repayment capacity and loan amount.

A downpayment is an initial payment made by the customer for the purchase of a tractor. It’s a balance between tractor price and loan amount.

You can visit our branches or give a missed call on 9818707070

Agriculture profile: upto 85% (80% in the case of halfyearly repayment option.) Commercial profile: upto 85%.

There is no cap on the maximum loan amount. It depends on the tractor price and equity of the customer.

Yes, but our sales representative will verify income mitigates at the time of verification in absence of proper income documents as per our policy guidelines.

Yes, but subject to the below criteria.

  1. Should have shifted to own house.
  2. Salaried person transferred to other location.
  3. Shifted house within same locality for temporary reasons.
  4. Family partition.
  5. Govt Employee.

You may obtain the NOC for a duplicate ‘Registration Certificate’ for your vehicle loan, by contacting our relationship executive.

You may obtain the letter for no objection for the issuance of duplicate ‘Registration Certificate’ by contacting our relationship executive.

In order to change your address/contact details in our records, you can contact our relationship executive with relevant documents.