Date:16/03/2004 URL: http://www.thehindubusinessline.com/2004/03/16/stories/2004031601080200.htm

Back SBI ties up with HMT for tractor finance

Our Bureau

Bangalore , March 15

HMT Ltd has signed a memorandum of understanding with the State Bank of India (SBI) under which the bank will be the preferred financier for purchase of HMT tractors.

Farmers utilising the finance scheme would be entitled to a reduction of Rs 4,000 on the MRP of tractor from the dealers. The scheme is applicable to HMT's entire range of tractors, said a company release.

As per the MoU, an individual farmer or farmers not exceeding three in number (as co-borrowers) owning minimum four acre of irrigated land would be eligible for the finance.

The interest rate under the scheme would be 9.75 per cent for a loan up to Rs 2 lakh and 10.25 per cent for loans from Rs 2-5 lakh.