Difference Between Personal Loan & Used Tractor Loan
A loan is money lent by one or more individuals, organisations etc. In simple words, if you need money to start or buy something, you can borrow money from the bank or other bodies. The borrowed money can be paid in instalments, but you have to pay some interest on it. The interest rates vary according to the organisation, debt amount, loan type, etc. Several types of loans are available in the market, including used tractor loans, personal loans, home loans, car loans, gold loans, education loans and others. So, here we are with 2 types of loans.
Personal Loan V/S Used Tractor Loan
These loans are pretty different from each other. Let’s know in detail.
Personal Loan
A personal loan can be borrowed for personal use. And it needs a guaranty of returns. You can take a personal loan easily in just 4 steps with the help of Tractor Junction. The four steps are:
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Fill in personal details.
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Select personal loan amount
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Select bank account
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Get money in your account
Apart from this, the interest rates of personal loans start from 11% to 24% / annum.
Used Tractor Loan
Used Tractor Loan can be borrowed from the bank on your used tractor. You do not have to mortgage your tractor to the bank. The thing you have to do is mortgage your tractor’s registration certificate. You can get a used tractor loan with the help of Tractor Junction in easy steps. The interest rate of used tractor loans is 9% to 22% / annum.
For more information regarding loans or loan types, Visit tractor Junction.
