The State Bank of Bikaner & Jaipur (SBBJ) has decided to waive the processing fee on loans for buying tractors and has relaxed the eligibility norms for the tractor finance.
The bank has also reduced the minimum land-holding criterion for financing tractors up to 35 HP to 4 acres of irrigated land, or its corresponding acreage prescribed for different categories of land under the State Land Ceiling Act.
For tractors above 35 HP, the limit has been reduced to 6 acres. The minimum hours of work per annum available to a tractor, including hiring services, has been lowered to 600 from 1,000.
The bank has also decided to waive the compulsory comprehensive insurance cover for farmers to reduce their costs and allow them to opt for third-party insurance.
Meanwhile, with the inauguration of the Gopal Bari branch, the number of computerised branches of the bank has reached 500.
N K Puri, SBBJ chairman, said over 88 per cent of the bank