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Andhra Bank pact with TAFE
CHENNAI: Tractors and Farm Equipment Limited (TAFE) and Andhra Bank have entered into a memorandum of understanding at Vijayawada wherein Andhra Bank would provide tractor loans to customers of TAFE, under farmer-friendly terms and conditions. The rate of interest will be 10 per cent and the repayment period nine years. The margin money will be 15 per cent of the cost of the tractor. The dealers of TAFE under this arrangement will offer a discount of Rs. 3,000 on the invoice price to all farmers purchasing the tractors through loans extended by Andhra Bank, according to a company release.
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