The Hindu Business Line : SBI ties up with HMT for tractor finance

HMT Ltd has signed a memorandum of understanding with the State Bank of India (SBI) under which the bank will be the preferred financier for purchase of HMT tractors.

Farmers utilising the finance scheme would be entitled to a reduction of Rs 4,000 on the MRP of tractor from the dealers. The scheme is applicable to HMT's entire range of tractors, said a company release.

As per the MoU, an individual farmer or farmers not exceeding three in number (as co-borrowers) owning minimum four acre of irrigated land would be eligible for the finance.

The interest rate under the scheme would be 9.75 per cent for a loan up to Rs 2 lakh and 10.25 per cent for loans from Rs 2-5 lakh.

More Stories on : Alliances & Joint Ventures | Farm credit

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Welcome moves on foreign banks

Rupee range-bound; securities volatile

Party time seems to be over for PDs — As longs turn illiquid, focus moves to corporate debt

RBI to hold talks with banks on Basel-II

RBI nod for $473.21 m ECBs

Federal Bank focuses on rural sector

SBT opens another ATM

Investors still prefer bank deposits, Govt savings schemes: Study

Takeover of IFCI dues — PF investment norms may be eased for PNB

EC urged to tell poll candidates to declare bank dues

SBI ties up with HMT for tractor finance

AP co-op banks seek Rs 100-cr crisis management fund