Bank of Baroda has taken another initiative towards improving credit penetration in farm mechanization by entering entered into an MoU with Mahindra & Mahindra (Tractor Division) for Tractor Finance business.
As a Preferred Financier to Mahindra & Mahindra, Bank of Baroda through its 5000 Rural & Semi-urban branch network, will provide Tractor Loan facility to its customers.
M&M, through its dealers will carry out promotional activities and provide offers and/ or discounts as may be decided by M&M from time to time for customers financed by Bank of Baroda.
Various sales and promotion activities will be undertaken at M&M’s dealer points, at Bank branches or outside locations under the tie-up.
The MoU was signed by Mr. Madhur Kumar, General Manager (Zonal Head – Mumbai Zone) Bank of Baroda, on Bank’s behalf and by Mr. Sunil Johnson, National Sales Head, Mahindra & Mahindra. Mr. M V Murali Krishna, GM & Head- Rural & Agri Banking, also joined the signing event through virtual mode from Bank’s Head Office, Baroda.
the guiding principles based on which we operate. This MoU between Bank of Baroda and Mahindra & Mahindra will give a boost to Agri business and will help farmers in availing hassle- free credit facilities for buying Tractors.”