Bank of Rajasthan ties up with Escorts

MUMBAI: Bank of Rajasthan on Tuesday has tied up with Escorts, a tractor and farm equipments manufacturer in India by signing memorandum of understanding (MOU). This pact will help 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 lakh at the interest rate of 11.50 % per annum and for loan above Rs. 10 lakh the interest rate is 12% p.a. Repayment of loan can be made in the period 7-9 years in half yearly installments.

The Bank has also waived processing charges on the said loan. A discount of Rs. 4500 would be provided by Escorts, which will be credited in the loan account.