Every farmer knows that buying a tractor can make the job easier and cost-effective in the long run. If you are worried about the financing, consider opting for a tractor loan from Mahindra Finance. The new tractor will increase your efficiency.
What is a tractor loan?
It is a type of finance that you can opt for buying a tractor or related farming equipment. The loan allows you to own a tractor without having to mortgage any of your assets. With Mahindra Finance, you get benefits like a minimal requirement of tractor loan documents, loan application sanctioning within two days, funding for a wide range of tractors, and flexible repayment facilities.
How to smartly handle the tractor loan repayment
Mahindra Finance offers affordable tractor loan interest rates and multiple repayment options. Depending on your income flow, you can choose from different EMI repayment modes, which include monthly, quarterly, and half-yearly.
The wisest way to pay your EMIs is to complete the process online. You can visit the Mahindra Finance website and select the ‘QuickPay’ option. The various online payment choices include:
- Net banking
If you want to pay using net banking, select the option and choose your bank. Log in to your online bank account and approve the payment by inputting the One-Time Password (OTP). If the payment is successful, you will get a receipt.
- Debit card
To pay using your debit card, pick this choice and enter details, such as your name, card number, expiry date, and Card Verification Value (CVV), which are the three numbers on the back of your card. Approve the payment by entering the OTP. You can do the same by using an ATM/debit card PIN, too. After the transaction happens, you will get a payment receipt.
- Mobile wallet
This alternative allows you to use any mobile payment wallet of your preference. To pay the EMI, opt for the wallet mode and log in to your account to complete the process. Once you make the payment, you receive an acknowledgment.
If you want to repay the checkout tractor loan calculator before schedule, Mahindra Finance permits you to do so with the prepayment option. You can also select the loan repayment tenure as per your convenience. The minimum period is three months and the maximum duration is five years.
If you are worried about the Mahindra Finance tractor loan eligibility, you will be happy to know that anyone buying or owning a tractor can get finance. With many repayment choices available, anyone can benefit from the loan. So, visit the company’s website and apply for a tractor loan immediately.