SBI ties up with Escorts to finance tractors for farmers

State Bank of India has signed an agreement with Escorts Limited to finance farmers for purchasing tractors.

According to the statement issued by the bank, the agreement aims to promote the market and make accessible organized finance facilities, with superior features and at competitive interest rates, to farmers across the country who wish to purchase Powertrac and Farmtrac tractors manufactured by Escorts Limited.

SBI has an extensive network to reach rural borrowers across the country. “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 chief general manager, Agribusiness unit, S. Adikesavan, said.

Escorts is a leading company that operates in the sectors of agri machinery, construction, and equipment manufacturers in India.