Financial Daily from THE HINDU group of publications
Tuesday, Jun 22, 2004
Financial Daily from THE HINDU group of publications Tuesday, Jun 22, 2004 |
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Corporate
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Alliances & Joint Ventures Money & Banking - Consumer Finance L&T-John Deere, SBI sign pact for tractor finance Our Bureau
Mumbai , June 21 L&T-John Deere Private Ltd has signed a memorandum of understanding (MoU) with State Bank of India for tractor finance. "This joint financing scheme with the country's largest bank is part of our efforts to provide complete solutions to farmers. SBI's strong rural presence will provide a strong synergy with our marketing strategies," said Mr J.P. Banerjee, Chief Marketing Executive, L&T-John Deere, according to a news release issued by the company. The new scheme involves discounts of Rs 4,000 per tractor, flexible margin money and quick processing of loans. The scheme will be administered jointly by authorised dealers of L&T-John Deere and the branches of State Bank of India. The maximum repayment period - including gestation period - is 9 years at an interest rate ranging from 9.75 per cent to 10.25 per cent a year.
More Stories on : Alliances & Joint Ventures | Consumer Finance | Public Sector Banks | HCV/LCV/Tractors
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