PNB offers finance for HMT farm equipment

Punjab National Bank (PNB) inked a memorandum of understanding with Hindustan Machine Tool Ltd (HMT) to provide financing for farm equipment.

In a statement release by PNB it stated under this agreement the bank will give loans to farmers for the purchase of HMT tractor.

The statement mentioned the PNB has set a target to provide finance to minimum of 1,500 tractors under this collaboration. It added along with this other facilities like crop loan and other investment credit will also be provided to the farmers.

It stated, on the other hand the farmers who will purchase HMT brand tractor by getting financed from the bank the company will give discount of Rs 8,000 to them. it further stated, PNB is offering finance for the tractors at its BPLR ( at present 11 per cent), the lowest in the banking industry.