Bank of Baroda has tied up with major tractor manufacturing companies as part of its strategy to give thrust to agriculture lending. To make available quality products at a discounted rate, it has signed MOUs with seven major manufacturing companies.

Bank of Baroda has tied up with Mahindra & Mahindra Ltd (M&M) for tractor financing to farmers. Under this MOU, a special discount of Rs3000 will be offered to the farmers who purchase M&M tractors with financial assistance from Bank of Baroda.

Bank of Baroda has a sound base in rural lending and a network of 1718 branches in rural and semi urban areas.

BG Baria, general manager (PS, RRBs and OL) of Bank of Baroda and Gautam Nagwekar, executive vice president (sales and marketing) of M&M signed the MOU on August 4 2004.

Bank of Baroda is aiming to give thrust to farm mechanisation activity and is providing loans up to Rs10 lakhs at a very competitive interest rate of 9.25 per cent pa with down payment of only 10 per cent.