In order to benefit farmers and to improve agriculture lending this festive season, Dena Bank has decided to offer tractor financing at Base Rate to farmers. The revised rate of interest will be effective from October 12, 2013 to March 31, 2014. The bank has also waived off the processing fee on tractor finance.
The bank will now offer the tractor loans at base rate of 10.25% for loan amounting up to Rs 1 crore. The interest rate has also been reduced by 100 basis points (bps) for loan above Rs 3 lakh to Rs 10 lakh and 150 bps for loan above Rs 10 lakh.
Last week, the bank had reduced interest rates on various retail loans including home and car loans.