Banking entity, Bank of Rajasthan (BoR), has entered into a pact with Tractors and Farm Equipment (TAFE) to make available tractors to farmers at cheaper rates.
The move would enable the farmers primarily in Rajasthan, Madhya Pradesh and Haryana to avail tractor loans at an interest rate of 12% and reduced margin money of 5% with a repayment period of nine years.
Moreover, TAFE, on its part, is likely to offer a Rs 4,000 discount for the tractors, besides insurance for the full value of the tractors and implements.