Bank of Baroda has launched a number of new initiatives
to prop up farm sector lending.
begin with, the bank has signed a MoU with L&T John
Deere Private Limited. Under the special farmer-friendly
scheme, tractor finance will be available on easy terms
according to which a special discount of Rs. 4,000 and
door to door after sales services would be available
to the tractor loanee farmers.
Baria, general manager of Bank of Baroda and J. P. Banerjee,
chief marketing executive of L&T John Deere signed
bank has recently signed two similar MoUs with other
reputed tractor manufacturers,
with the objective of giving a boost to farm mechanisation
activity. For this purpose, the bank is providing loans
of upto Rs10 lacs at a very competitive interest rate
of 9.25 per cent p.a. with 10 per cent margin.