Bank of Baroda (BoB) has replicated its ‘Cluster Model for Tractor Financing’, presently operational in Lucknow Zone, to eleven extra Zones as part of its initiative to strengthen credit score penetration in farm mechanisation.
The public sector bank also entered into an MoU with Baroda-centered Tractor Unique Products Maker “Gromax Agri Products Ltd” (erstwhile Mahindra Gujarat Tractor Ltd) to supply value discounted on bank finance.
The ‘Cluster Model for Tractor Financing’ has been operationalised in further Zones: Ahmedabad, Baroda, Rajkot, Jaipur, Bhopal, Pune, Hyderabad, Bengaluru, Mangaluru, Meerut and Chandigarh, the Bank explained in a assertion.
This design will guarantee a focused technique at all amounts with dedicated officers becoming assigned specific roles to supply a qualitative and compliance oriented growth of the section apart from minimizing the turnaround time (TAT), BoB explained in a assertion.
BoB clients will get a discounted of up to ₹1 lakh on purchase of tractors right from GAEL shops. Additional, on purchase in other states (except Gujarat), a discounted up to ₹15,000 will be offered by the company in the type of payment of 1st EMI for its 45 HP & fifty HP products, the assertion explained.