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Bank of Baroda (BoB) has replicated its ‘Cluster Model for Tractor Financing’, presently operational in Lucknow Zone, to 11 more Zones as part of its initiative to improve credit penetration in farm mechanisation.
The public sector bank also entered into an MoU with Baroda-based Tractor Original Equipment Manufacturer “Gromax Agri Equipment Ltd” (erstwhile Mahindra Gujarat Tractor Ltd) to provide price discount on bank finance.
Cluster model
The ‘Cluster Model for Tractor Financing’ has been operationalised in additional Zones: Ahmedabad, Baroda, Rajkot, Jaipur, Bhopal, Pune, Hyderabad, Bengaluru, Mangaluru, Meerut and Chandigarh, the Bank said in a statement.
This model will ensure a focused approach at all levels with dedicated officers being assigned specific roles to provide a qualitative and compliance oriented growth of the segment apart from reducing the turnaround time (TAT), BoB said in a statement.
MoU
BoB customers will get a discount of up to ₹1 lakh on purchase of tractors directly from GAEL outlets. Further, on purchase in other states (except Gujarat), a discount up to ₹15,000 will be given by the company in the form of payment of 1st EMI for its 45 HP & 50 HP models, the statement said.
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