Canara
Bank to finance TAFE tractors
Our
Banking Bureau
8 June 2004
Bangalore:
Canara Bank has signed a memorandum of understanding
(MoU) with Tractor & Farm Equipment Manufacturers
Ltd (TAFE).
The
tie-up provides financial solutions with attractive
features to farmers, who plan to buy Massey Ferguson
tractors and other farm implements, a bank release said.
The
scheme has been designed keeping in mind the finace
minister's recent announcement about affordable and
special farm loans. As per the terms of the MoU signed
between Canara Bank and TAFE, Canara Bank would now
become the preferred financier for TAFE tractors inUttar
Pradesh, Karnataka, Tamil Nadu and Kerala.
Under
the scheme, Canara Bank would give financing solution
to farmers buying TAFE tractors with enhanced features
like reduced margin and attractive pricing.
The
tenure of loan would be five to nine years. TAFE would
assist in credit delivery with its vast dealer network.
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