Best Tractors Under 5 Lakhs That Can Help You Earn Millions

Tractors have been vital for farmers throughout history, playing a key role in agriculture with their ability to provide significant power and traction at slow speeds. They serve various purposes such as hauling trailers, agricultural equipment, and construction machinery. Tractors are versatile machines that function as diggers, bulldozers, and more, categorized by their intended use – utility tractors for farming and industrial tractors for heavy lifting at construction sites. They're indispensable tools for tasks like ploughing, sowing, grinding, pushing or pulling machinery, and streamlining farming activities.

Acquiring a tractor can be time-consuming for farmers due to the numerous options available. Factors like engine power, design, attachments, and budget are important. To help farmers, a list of the top ten tractors under 5 lakhs has been curated, considering their convenience. Let's start without delay but before that let's have a look at the tractors loan available for farmers. 

1. State Bank of India New Tractor Loan Scheme

The State Bank of India provides agricultural term loans intended for individuals, groups, institutions, and organizations aiming to acquire new tractors and associated equipment. A regular income is a prerequisite for loan eligibility. A 15% margin requirement applies. Collateralizing the tractor and accessories is necessary. Additionally, insurance is mandatory for the purchased tractor and accessories. The lender imposes an upfront fee of 0.5% of the loan amount.

2. HDFC Bank Tractor Loans

HDFC Bank provides financing solutions for both farmers and non-farmers seeking to purchase new or used tractors. The bank offers an appealing interest rate and rapid loan approval, typically within half an hour.

Advantages/Key Features:

• The bank streamlines the documentation process, making it hassle-free.

• Potential borrowers have the option to secure up to 90% of the tractor's cost.

• Flexible repayment options are available, including post-dated cheques, ECS, and SI.

• HDFC Bank extends tractor loans with the choice of collateral or no collateral requirement.

• Applicants need to be at least 18 years old to qualify for this loan.

• A processing fee, amounting to 2% of the loan, is applicable.

• In case of early loan repayment, borrowers could face pre-closure charges of up to 6% of the remaining principal.

3. Axis Bank Tractor Loans

Axis Bank presents an opportunity for tractor financing with appealing interest rates, accompanied by an array of advantages for the borrower. Potential loan seekers have the flexibility to select a repayment tenure spanning up to 5 years, allowing them to make monthly, quarterly, or semi-annual repayments.

Advantages/Key Points:

• Eligibility for an Axis Bank tractor loan necessitates the applicant to surpass 18 years of age.

• The maximum age limit for loan applicants at the time of funding is 75 years.

• Applicants must possess a minimum of 3 acres of land.

• The bank offers an expedited documentation procedure.

• To access this loan, the vehicle procured through the loan must be pledged to the lender as collateral.

4. Poonawala Fincorp Tractor Loans

Poonawala Fincorp stands as a prominent financial organization providing financing solutions for both new and pre-owned tractors across various brands. This lender's services are accessible across India, extending to farmers in states such as Telangana, Andhra Pradesh, Maharashtra, Tamil Nadu, Punjab, Madhya Pradesh, Uttar Pradesh, Rajasthan, Kerala, Karnataka, Orissa, West Bengal, Bihar, Jharkhand, Haryana, Gujarat, and more.

Advantages/Key Features:

• Magma Fincorp extends its loan offerings even to individuals residing in the rural corners of India.

• The documentation procedure is streamlined, ensuring ease and convenience.

• Loan repayments can be structured on a monthly, quarterly, or semi-annual basis.

• Customers who have previously borrowed tractor loans from Magma Fincorp can avail new loans without the necessity of resubmitting their land ownership documents.

• Prepayment of borrowed loans is permissible 6 months after the loan disbursement.

• For early repayment, a pre-closure fee equivalent to 5% of the outstanding principal is applicable.

5 Best Tractors For Farmers Under 5 Lakhs

Farmers in search of tractor prices below 5 lakhs have several choices available. Provided here is a reference list they can consult before making their purchase decision:

1. Mahindra Yuvraj 215 NXT | Starting at Rs 2.00 Lakhs

Mahindra stands as one of India's top-selling tractor brands, with a track record spanning over three decades across 40 countries. Among the cost-effective options from this brand is the Mahindra Yuvraj 215 NXT Tractor. This 2-wheel drive tractor equipped with a live Power Take-Off (PTO) system is particularly suitable for inter-cropping due to its compact design.

Additional features of Mahindra Yuvraj 215 NXT:

• Engine Type: Featuring a 15 HP single-cylinder engine with a speed of 2300 RPM.

• Fuel Capacity: A 19 L fuel tank is incorporated.

• Weight, Dimensions, and Lifting Capacity: Weighing 780 kg, it can lift up to 778 kg. Dimensions are 3760 mm x 1705 mm (Length x Width).

• Brakes: Equipped with dry disc brakes.

• Gears: The gearbox configuration is 8 forward + 3 reverse.

• Steering Type: Fitted with mechanical steering.

• Agricultural Use: This tractor variant is versatile and can be employed with various implements such as threshers, reapers, seeders, sprayers, and for hauling.

• Warranty Period: Not applicable.

2. Swaraj 717 | Starting at just Rs 2.60 Lakhs

Swaraj, India's domestic tractor production, offers an extensive selection of high-quality tractors and agricultural machinery. Their lineup comprises 20 different categories of tractors designed to excel in farming and transportation tasks.

A standout option among sub-5 lakh tractors is the Swaraj 717. Engineered with a 2-wheel drive system and a live single-speed power take-off (PTO), this tractor's key strengths lie in its user-friendly upkeep and remarkable dependability.

Characteristics of this model include:

• Engine Specifications: Propelled by a 15 HP engine featuring a single cylinder, this tractor achieves a speed of 2300 RPM.

• Fuel Capacity: Equipped with a 19-litre fuel tank.

• Weight, Dimensions, and Lifting Capacity: Weighing 850 kg and possessing a lifting capacity of 780 kg, the tractor's overall dimensions are 2435 mm x 1210 mm (length x width).

• Braking System: Incorporates dry disc brakes.

• Transmission Gears: The model offers 6 forward gears and 3 reverse gears.

• Steering Mechanism: Features a standard mechanical steering system.

• Agricultural Versatility: The Swaraj 717 excels when paired with implements such as cultivators, sprayers, and threshers. It's also an excellent choice for cultivating crops like cotton, castor, grapes, and more.

• Warranty Coverage: Warranty extends for either 750 hours of operation or 1 year, depending on which threshold is reached first.

3. Mahindra JIVO 225 DI | Starting From Rs 2.91 Lakhs

Yet another cost-effective choice from Mahindra is the JIVO 225 DI, hailing from the same brand. This particular model is accessible with both 2 WD and 4 WD variations. Additionally, its power take-off with 6 splines and a specialized engine contribute to generating robust torque.

Highlighted characteristics of this variant encompass:

• Engine Specification: Propelled by a 20 HP 2-cylinder engine, this tractor achieves a speed of 2300 RPM.

• Fuel Reservoir: The fuel tank has a capacity of 22 liters.

• Weight, Size, and Lifting Capability: While information regarding weight and dimensions is unavailable, the tractor can lift up to 750 kg.

• Braking System: Features oil-immersed brakes.

• Transmission Gears: Comprises 8 forward gears and 4 reverse gears.

• Steering Mechanism: Provides the option of either mechanical or power steering.

• Farm Usefulness: Especially suitable for intercultural tasks due to its adaptable narrow rear track width.

• Warranty Duration: Warranty extends for either 2000 operational hours or 2 years, depending on which limit is reached first.

4. Powertrac 425 N |Starting From Rs 3.30 Lakhs

Escorts Agri Machinery Company produces PowerTrac tractors tailored to farmers seeking tractors priced below 5 lakhs, providing exceptional performance at budget-friendly rates.

A model within this lineup is the Powertrac 425 N, characterized by a single clutch with continuous mesh and centre shift transmission. This 2-wheel drive tractor is equipped with a single power take-off (PTO) type.

Here are the key specifications of this tractor variant:

• Engine Classification: This tractor is powered by a 25 HP 2-cylinder engine, achieving a speed of 2000 RPM.

• Fuel Reservoir: The tractor is outfitted with a 50-litre fuel tank.

• Weight, Size, and Lifting Capability: This particular model weighs 1545 kg and boasts a lifting capacity of 1300 kg. Its dimensions are 3050 mm in length and 1370 mm in width.

• Braking Mechanism: Multi-plate oil-immersed disc brakes are incorporated.

• Transmission Gears: The gearbox is equipped with 8 forward gears and 2 reverse gears.

• Steering Style: Steering options include both power-assisted and mechanical steering.

• Farm Utility: The substantial fuel tank capacity of this tractor allows farmers to engage in numerous field tasks for extended periods.

• Warranty Duration: The warranty extends for either 5000 operational hours or 5 years, depending on which benchmark is met first.

5. Mahindra 255 DI Power Plus | Starting From Rs 4.38 Lakhs

Mahindra tractors priced below 5 lakhs exhibit sturdy construction and provide top-notch fuel efficiency. One such example is the Mahindra 255 DI Power Plus Tractor. This model is equipped with an engine based on KA technology, ensuring a high-performance output. This 2-wheel drive tractor is also compatible with 6-spline power take-off (PTO) systems.

Highlighted features of this variant include:

• Engine Classification: It is powered by a 25 HP engine with 2 cylinders, capable of achieving speeds of up to 2100 RPM.

• Fuel Reservoir: The fuel tank capacity is 49 litres.

• Weight, Size, and Lifting Capability: This tractor measures 2590 mm in overall length and weighs 1395 kg. Moreover, it can lift loads of up to 1220 kg.

• Braking System: Dry disc brakes are integrated into the design.

• Transmission Gears: The tractor's gearbox encompasses 8 forward gears and 2 reverse gears.

• Steering Style: The steering mechanism employed is mechanical.

• Farm Application: The tractor demonstrates efficient performance in conjunction with various farm tasks such as harrowing, single-axle trailer usage, tipping trailers, and more.

• Warranty Period: The warranty period spans 2000 operational hours or 2 years, depending on which criterion is met first.

Tractors stand as indispensable tools for farmers, offering significant power and versatility to streamline a wide range of agricultural activities. With a rich history in agriculture, tractors serve as pivotal assets for tasks such as plowing, sowing, and hauling. Selecting the right tractor involves careful consideration of factors like engine power, design, attachments, and budget.