Tractor Gyan Blogs

Home| All Blogs| Escorts, IndusInd Bank team up to provide affordable loans to farmers
SHARE THIS

Escorts, IndusInd Bank team up to provide affordable loans to farmers

    Escorts, IndusInd Bank team up to provide affordable loans to farmers

Escorts Agri Machinery and IndusInd Bank will work to understand the financial needs of customers and design financial programs accordingly

16 Sep, 2021

In a bid to help the farming community financially, Escorts Agri Machinery and IndusInd Bank have signed a Memorandum of Understanding to provide loans at affordable interest rates to the farming community. Both entities will work to understand the financial needs of customers and design financial programs accordingly.

These programs will be aimed at encouraging investments in modern equipment for raising farm productivity and income. “The rural industry is growing at a record pace and we are seeing our customers shifting towards technologically advanced agricultural practices. Our role here is to provide them with the best of products and make the process of purchase as simple as possible,” Escorts Agri Machinery CEO Shenu Agarwal mentioned.

Under this MoU, IndusInd Bank will utilize its understanding of rural customers and penetration throughout India to help Escorts Agri Machinery in achieving its larger goals vis-à-vis India’s farming community. The partnership between IndusInd Bank and Escorts Agri Machinery is aimed to usher in transparency, seamlessness, and convenience to support farmers, according to IndusInd Bank’s Consumer Finance Division Head SV Parthasarathy.

This initiative is a much-needed lease of life for the agricultural sector as a sizeable proportion of loans in this sector still come from sources other than banks, cooperative societies, and government agencies. A recent survey conducted by the National Statistical Office (NSO) – All India Debt and Investment Survey -- stated that more than 50 percent of agricultural households in India had an average outstanding debt per household at Rs 74,121 in 2019.
It also mentioned that only 69.6 percent of these loans were taken from institutional sources such as government agencies, banks and cooperative societies whereas 20.5 per cent were taken from professional money lenders. Of these, only 57.5 percent were taken for agricultural purposes.

Read More

 Retail Tractor sales up by 5.5 percent YoY in August 2021 shows Fada Research       

Retail Tractor sales up by 5.5 percent YoY in August 2021 shows Fada Research

Read More  

 Mahindra’s FES Sells 19,997 tractors in India during August 2021       

Mahindra’s FES Sells 19,997 tractors in India during August 2021                         

Read More  

 M&M Farm Division CEO Shubhabrata Saha resigns       

M&M Farm Division CEO Shubhabrata Saha resigns                                             

Read More

Write Comment About Blog.

Enter your review about the blog through the form below.



Customer Reviews

Record Not Found

Popular Posts

https://images.tractorgyan.com/uploads/26814/62f74c8d7b31e_urban-farming.jpg

What is Urban farming? Types, Advantages & Disadvantages of urban farming

Urban farming is simply the practice of cultivating or producing food in cities or other densely inh...

https://images.tractorgyan.com/uploads/26808/62f5f2e02d8e2_apiculutre-farming.jpg

What is Apiculture? Its importance, Advantages and disadvantages

The word apiculture sounds new to us, but it is very well used in the agricultural field.  A...

https://images.tractorgyan.com/uploads/26799/62f3512cbdde9_Shifting-Cultivation.jpg

Advantages and disadvantages of Shifting Cultivation in India | Tractorgyan

Shifting Farmers that practice cultivation briefly cultivates the land for two or three seasons. Aft...

tractorgyan offeringsTractorGyan Offerings

POPULAR SECOND HAND TRACTORSPopular Second hand Tractors

LOCATE TRACTOR DEALERS/SHOWROOMLocate Tractor Dealers/Showroom