Farming is an essential activity in India. It employs a majority of the working population. Historically, farming was done manually by using bullocks and plows. However, today, tractors make farming activities quicker and more convenient.
Here are three reasons why tractors are advantageous for Indian farmers:
- Higher efficiency
Tractors are powerful, precise, and can perform various tasks, such as plowing, harvesting, and moving other equipment around. Additionally, weather conditions do not affect the functioning of a tractor, making it more dependable. A good tractor helps to improve efficiency by five times while reducing manual efforts for farmers.
- Multipurpose functions
Apart from being an ideal farming equipment, a tractor helps in the transportation of fodder, load, and other activities. Several farmers use it as a mode of transport, as it is an automobile set, which includes trolley and car, among other additions.
- Financial support
A tractor is beneficial during the cropping seasons. Additionally, it provides monetary aid during the non-seasonal months. Farmers may rent their tractors during the non-agricultural season to earn income through an additional source. Moreover, farmers may use the machine as a grain crusher. Doing this will help them earn extra income.
Benefits of tractor loans
Farmers need tractors to carry out their activities. With a tractor loan, it is quite easy for a farmer to own a suitable machine. Banks and non-banking financial companies (NBFCs) offer these loans. Here are seven advantages of these loans:
- Customizable
Lenders like Mahindra Finance personalize the tractor loan finance based on borrowers’ specific requirements.
- No requirement of collateral
The lender will create a charge only on the tractor, and borrowers do not need to mortgage their lands to avail of this loan.
- Simple eligibility criteria
The tractor loan eligibility norms are lenient, which makes it possible for almost every farmer to qualify for it.
- Wide range
Financial institutions offer such finance for different models made by various manufacturing companies.
- Quick disbursal
Lenders require minimal tractor loan documents, which makes the entire procedure fast and hassle-free.
- Flexible repayment duration
Borrowers may choose a suitable loan tenure between three months to five years, ensuring they have no difficulty in timely repayments.
- Economical rate of interest
Contrary to common perception, tractor loan interest rates are competitive, making them affordable for farmers.
Tractors make life more comfortable for farmers. Visit the Mahindra Finance website and apply for a tractor loan now.
