BoB to finance HMT, New Holland''s tractor purchases
17 November 2005
Bank of Baroda (BoB) has-tied up with HMT Ltd and New Holland Tractor (India) Private Limited to strengthen investment credit in farm sector, for financing tractor purchases. Both the agreements were signed this week.
Under this MOU, the two tractor manufacturers will offer special discounts ranging from Rs4,000/- to Rs5,500 to those farmers who purchase their tractors with financial assistance from BoB. With these agreements, the bank now has financing arrangemenmts with 10 tractor manufacturers.
BoB, which has 1,717 branches in rural and semi-urban areas, has been aggressively pursuing opportunities in investment credit for the agricultural sector with an emphasis on farm mechanisation and minor irrigation projects. It has launched a limited period promotional offer, offering concessions to farmers through waiver of documentation and processing charges, reduced interest costs and full finance of tractor cost with registration fees and insurance premium for the first year as part of project cost for financing.