IndusInd Bank Partners With Escorts To Provide Affordable Loans To Farmers

IndusInd Bank has partnered with multinational conglomerate company Escorts Limited to provide easy access to financial services in the form of affordable loans -or agri-finance solutions, in a consistent manner. The initiative will allow customers to invest in modern farm machinery for enhancing farm productivity and income.

With the tie-up, Escorts aims to provide farmers with a transparent, hassle-free, and a quick mechanism to buy appropriate agri-based commodities such as tractors. Headquartered in Faridabad Haryana, Escorts operates in sectors such as construction machinery, agri machinery, rail equipment, and material handling.

“The rural industry is growing at a good pace and we are seeing our farmer shifting towards technologically advanced agricultural practices. Our role here is to provide him with the best of products and make the process of purchase as simple as possible,'' said Mr. Shenu Agarwal, CEO, Escorts Agri Machinery. 

On Wednesday, September 15, shares of Escorts Limited were last trading 1.25 per cent lower at Rs 1,451.45 apiece on the BSE. Escorts opened at Rs 1,462.90 on the BSE today. 

On the other hand, share price of IndusInd Bank were last trading 0.33 per cent higher at Rs 1,039.90 apiece on the BSE. IndusInd Bank opened at Rs 1,037 on the BSE today. 

The commercial banking company will bring accessibility to innovative and smart financial solutions in the given partnership, according to a recent statement shared by IndusInd Bank. The bank has 2,015 branches or banking outlets and 2,872 ATMs across the country.

''With this partnership, farmers will have easy access to loans at attractive interest rates. Our association will bring transparency, seamlessness and convenience to support the farmers in their endeavour to nourish the nation,'' said Mr. S.V. Parthasarathy, Head - Consumer Finance, IndusInd Bank.