Bank of Rajasthan (BoR), one of the fastest growing, technology driven and customer friendly private sector bank, has signed a memorandum of understanding (MOU) with Escorts Ltd., one of the leading tractor and farm equipments manufacturers in India.
This tie up will benefit farmers in Rajasthan to obtain loan for tractors and farm equipments at a lower interest rate.
This MOU will help farmers in Rajasthan to get benefit of tractor loan up to Rs. 10 lakhs at interest rate of 11.50% p.a and for loan above Rs. 10 lakhs at a rate of 12% p.a. Repayment of loan can be made in the period 7-9 years in half yearly installments.
The Bank has also removed processing charges on the said loan. A discount of Rs. 4500 would be provided by Escorts Ltd. which will be credited in the loan account. The foremost advantage of this scheme is that it offers credit not only to bigger farmers but also to small and marginal farmers with a land holding of four acres as well.
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