Public Sector Bank, Escorts enter into tractor financing pact

The aim of the tie-up with Escorts is to promote, market and make accessible, organised finance facility, with superior features, at competitive interest rates to farmers across the country, who wish purchase Powertrac and Farmtrac tractors manufactured by Escorts, a release said. 

Farm mechanisation is essential for sustaining agricultural growth especially in the context of diminishing agricultural labour. However, large communities of small and marginal farmers are still not in a position to take full benefit of farm mechanisation because of lack of awareness, low availability of finance, fragmented land holding etc. 

“As a result of our tie-up with Escorts, a large number of small and marginal farmers will have access to necessary finance for the purchase of heavy duty tractors. SBI has an extensive network that allows us to reach rural borrowers across the country,” SBI CGM - Agri Business Unit S Adikesavan said. Escorts is a leading tractor and construction equipment manufacturer at Faridabad in Haryana. 

Subsequent collaboration with Ford, UK has placed Escorts among the leading manufacturers of tractors in India. The company has a production capacity of more than 1 lakh tractors annually and a wide distribution network of 650 plus dealers.