Dena Bank, Eicher Sign MoU For Tractor Financing

New Delhi, July 26 | Updated: Jul 28 2004, 04:52am hrs
Eicher Tractors said on Monday that it had entered into an agreement with Dena Bank for retail financing of tractors to farmers.

Dena Bank would finance Eicher Tractors with lower margin money of five per cent for loans up to Rs two lakh and 10 per cent for loans over Rs two lakh, an Eicher release said.

The land holding requirement for the tractor loans has been reduced to four acres of irrigated land from eight acres earlier.

Eicher Tractors is a part of the Rs 1,600 crore Eicher group, which has diversified interests in areas like auto engineering and management consultancy services.

PTI