BOB ties up with Tafe motors and tractors limited

Mumbai, Mar 14: With the aim of boosting credit flow to the farm sector, Bank of Baroda (BoB) has inked an MoU with Tafe Motors And Tractors Limited, whereby the latter will offer a special incentive of price discount of Rs 3,000 to those farmers who purchase tractors from it with financial assistance from Bank of Baroda.

These farmers will also be offered four labour-free services of the tractor covering a 12-month period, stated a press release issued here today (Mar 14, 2006).

Bank of Baroda has launched a special campaign from November last year to March this year for boosting lending to the farm sector with a special focus on farm mechanisation and minor irrigation projects.

The bank is offering concessions to the farmers during the campaign by way of waiver of documentation and processing charges and reduction in the rate of interest. Besides, the full cost of tractor, registration fees and insurance premium for the first year is being considered as a part of project cost for tractor financing, stated the release.

The bank has signed MoUs with 12 major tractor manufacturing companies across the country.

UNI