VST ropes in Axis Bank to offer loan to farmers

This partnership is expected to enable farmers to avail hassle-free, affordable, and flexible credit facilities.

Updated - May 21, 2024 07:04 pm IST

Published - May 21, 2024 04:58 pm IST - Bengaluru

VST Tillers Tractors Limited (VST), a farm equipment manufacturer, signed a Memorandum of Understanding (MOU) with Axis Bank, to offer financial solutions to the farmers for purchasing tractors and Farm Mechanisation products. 

As per the agreement, Axis Bank will provide financial solutions to VST’s prospective customers through its network of 5370 branches.

As per the MOU both the companies would leverage their extensive footprint to reach out to the farmers community to ensure that they have an easy access to credit facility for adapting farm mechanisation, the company said.

This partnership is expected to enable farmers to avail hassle-free, affordable, and flexible credit facilities to transform the agricultural sector, said the company.

The Bank would offer flexible repayment options, swift sanctions, and special benefits on EMI options to encourage the farmers to opt for adapting farm mechanisation. 

“Mr. Antony Cherukara, CEO, of VST Tillers Tractors Ltd. said, “At VST, it is our constant endeavour to facilitate ease of farming, by bringing down the overall time and cost of farming and improving output and farm income. MoU will especially help small and marginal farmers in availing hassle-free credit facilities for buying our products.”

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