Financial Daily from THE HINDU group of publications
Tuesday, Jun 08, 2004
Financial Daily from THE HINDU group of publications Tuesday, Jun 08, 2004 |
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Money & Banking
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Consumer Finance Canara Bank, TAFE tie up for tractors Our Bureau
Bangalore , June 7 CANARA Bank has signed a Memorandum of Understanding (MoU) with the south Indian tractor manufacturer, 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. All these benefits will lead to an affordable repayment schedule to farmer . Canara Bank was one of the major financiers for tractors in the country during the year 2003-04. The public sector has a clientele base of more than 12,00,000 farmers.
More Stories on : Consumer Finance | HCV/LCV/Tractors | Public Sector Banks
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