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IOB, Escorts sign MoU

CHENNAI: Indian Overseas Bank has entered into a memorandum of understanding (MoU) with Escorts for financing farmers for the purchase of Escorts tractors. Under the MoU, the farmers will be identified jointly by the bank and Escorts. The bank will extend financial assistance at a concessional interest rate of 13.25 per cent (BPLR) with ten per cent margin and an extended repayment period up to nine years, says a release.

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