In a bid to help the farmers purchase tractors at competitive price and to introduce new tractor companies to the farmers, the Malaprabha Grameena Bank has signed a Memorandum of Understanding (MoU) with the New Holland Tractor Company. | |
| Chairman of the bank B S Surendra and deputy general manager of the New Holland Tractors Company Ajay Aneja signed the MoU on Monday at Dharwad. |
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| Surendra said that farmers owning six acres of irrigated land or 15 acres of dry land will be eligible for the bank's finance to purchase the tractor. |
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| The bank will finance 90 per cent of the total cost of the tractor. On its part the New Holland Tractor Company will give a two-year warranty and five free services and also bear the registration expenses. |
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| The scheme is expected to help small farmers go for mechanised agriculture enabling them to purchase tractors. |
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| Ajay Aneja said that the New Holland Tractor Company topped the list of tractor manufacturers in the world. The company, which earlier manufactured Ford Tractors, began manufacturing tractors with 35-75 HorsePower from 1995. |
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| In many countries, tractors with 480 HP engine produced by New Holland were in use. Ajay said that the company aimed at selling 1,000 tractors in Karnataka this year. |
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