Canara Bank to finance TAFE tractors
By Bangalore: | 08 Jun 2004
Bangalore: Canara Bank has signed a memorandum of understanding (MoU) with Tractor & Farm Equipment Manufacturers Ltd (TAFE).
The tie-up provides financial solutions with attractive features to farmers, who plan to buy Massey Ferguson tractors and other farm implements, a bank release said.
The scheme has been designed keeping in mind the finace minister's recent announcement about affordable and special farm loans. As per the terms of the MoU signed between Canara Bank and TAFE, Canara Bank would now become the preferred financier for TAFE tractors inUttar Pradesh, Karnataka, Tamil Nadu and Kerala.
Under the scheme, Canara Bank would give financing solution to farmers buying TAFE tractors with enhanced features like reduced margin and attractive pricing.
The tenure of loan would be five to nine years. TAFE would assist in credit delivery with its vast dealer network.