The Hindu Business Line : Allahabad Bank loans for Mahindra tractors

ALLAHABAD Bank has signed a memorandum of understanding with Mahindra Gujarat Tractor Ltd for financing the Hindustan brand tractor under a special finance scheme.

The minimum land holding criteria for getting a tractor loan has been reduced to three acres for a 35HP tractor and four acres for higher capacity varieties.

The margin money requirement has been reduced to five per cent for the 35 HP type and 10 per cent for higher capacity types to be purchased under the scheme, according to a bank press release.

A concessional interest rate of 9 per cent will be granted for loans up to Rs 2 lakh and 10 per cent for loans of Rs 2-5 lakh. The repayment period will be nine years. The company and its dealers will extend a cash discount of Rs 6,000. Discounts will also be allowed on spares in addition to providing enhanced warranty and free services, the press release adds.

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