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Tractor loans

ERODE: The Modakurichi branch of Canara Bank, celebrated its customers fortnight recently. Speaking at the function, the Chairman of Village Committee, Modakurichi, A. P. Palanisamy lauded Canara Bank, Modakurichi for granting liberal loans to farming community and urged the farmers to avail such loans and repay them in time. He stressed upon the customer-friendly attitude, which would help customers and bankers to grow more. He also pleaded the bankers to start more branches in rural areas.

Manager of Canara Bank, Modakurichi, B. S. Muniraj, welcomed said that due to mechanisation of farming, tractor loans are granted to farmers.

The Lead District Manager, M. Vellaichamy in speaking said through the Modakurichi branch, Rs 6.50 crore has been advanced as crop loan to 2700 farmers and Rs two crore more to be granted for farmers before the end of this financial year. Lending rate on Jewel and crop loans were reduced in Canara Bank.

Vellaichamy said that Memorandum of Understanding (MoU) has been signed by Canara Bank with some Tractor manufacturers to promote the tractor loan. Several relaxations were made in obtaining the tractor loan. He added that various branches of Canara Bank in the district advanced sofar 48 tractor loans to farmers.

During the function, Rs 40 lakhs was advanced as Tractor loan and Rs 10 lakhs to SHG members.

Our Staff Reporter

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