Mumbai: Bank of Baroda having sound base in rural lending and good branch net work of 1718 branches in rural and semi urban areas, has made tie up arrangements with major tractor manufacturing companies as one of the strategies to give thrust to agriculture lending.

Bank of Baroda has earlier signed MOU with five major manufacturing companies. Now Bank of Baroda has made tie up for tractor financing to farmers with Mahindra Gujarat Tractor Ltd by signing MOU with the Company.

Under these MOUs, Mahindra Gujarat Tractor Ltd has offered a special discount of Rs.6,000/-, door to door after sale services and 5 labour free services during the warranty period and also 10% concessions on the cost of spare parts for the period of two years from the date of sale.

Bank is aiming to give thrust to farm mechanisation activity for which the Bank is providing loans up to Rs.10 lac at very competitive interest rate of 9.25 per cent p.a. with down payment of only 10 per cent