The Hindu Business Line : Allahabad Bank in pact with tractor manufacturers

ALLAHABAD Bank has signed two separate memorandum of understanding (MoUs) with two tractor manufacturers, namely, Sane Deutz-Fahr India (P) Ltd and Standard Combines Pvt Ltd for financing their respective brands of tractors under a special tractor finance scheme, according to a press release issued by the bank.

The minimum land holding criterion for securing the loan under the scheme is three acres for 35 HP tractor and four acres for tractors above that capacity. The margin requirement has been fixed at 5 per cent and 10 per cent respectively.

The loan up to Rs 2 lakh will attract a rate of interest of nine per cent and between Rs 2 lakh and 5 lakh 10 per cent per annum. The repayment period will be nine years and a farmer will be offered a cash discount ranging from Rs 3,000 to Rs 7,000 depending on the type of tractor he chooses to buy.

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