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Tuesday, Dec 21, 2004

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TMB relaxes loan norms for tractors

Our Correspondent

MADURAI: The Tamilnad Mercantile Bank (TMB) has relaxed its norms for grant of loans for tractors and implements.

According to TMB's Deputy General Manager (Business Development), Mr Selvan Rajadurai, the interest and margin money on the loan have been reduced to 10.5 per cent and 15 per cent respectively.

Also, the payment period has been raised to nine years. Farmers with two acres of irrigated land or four acres of cultivated dry land can avail themselves of the loan. A maximum of Rs 6 lakh would be lend under the scheme. It is proposed to advance initially loans for 100 tractors and increase the number later, he added.

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