VST Tillers Tractors Ltd (VTTL), a leading manufacturer of compact tractors and farm mechanisation solutions, has signed a memorandum of understanding (MoU) with Union Bank of India to facilitate retail financing for customers purchasing its agricultural and farm equipment.
Under the partnership, Union Bank of India will provide retail loan facilities to customers purchasing VST Tillers Tractors’ range of tractors, power tillers, power reapers and power weeders.
The initiative is aimed at improving access to farm mechanisation by offering farmers affordable and convenient financing options for purchasing agricultural equipment.
Financing through 1,000-plus dealers
The financing facility will be available through VST Tillers Tractors’ extensive network of more than 1,000 dealers across India. This will enable farmers to access financing closer to their communities while purchasing equipment suited to their agricultural requirements.
Union Bank of India GM Dr. HT Vasappa said the partnership would help strengthen access to credit for farmers investing in agricultural mechanisation.
“We are pleased to partner with VST Tillers Tractors to facilitate convenient and affordable retail finance for farmers and customers looking to invest in agricultural mechanisation. Through this collaboration, we aim to strengthen access to credit and enable farmers to acquire modern farm equipment through VST’s wide dealer network,” he said.
The partnership, he added, reflects Union Bank of India’s commitment to supporting the agricultural sector and contributing to the financial empowerment of the farming community.
Focus on accessible mechanization
VST Tillers Tractors Ltd CEO Antony Cherukara said access to affordable financing is an important enabler of farm mechanisation.
“At VST Tillers Tractors, we believe that access to affordable financing is an important enabler of farm mechanisation. Our partnership with Union Bank of India will make it easier for farmers to access financing for our range of tractors and farm equipment through our extensive dealer network,” he said.
The initiative reinforces VST Tillers Tractors’ focus on providing the farming community with accessible, efficient and technology-driven mechanisation solutions, he added.
The partnership is expected to improve farmers’ access to modern agricultural equipment while enabling them to manage their investment through convenient financing options. It could also support wider adoption of mechanisation and contribute to improved farm productivity and sustainable agricultural growth.