Maravi

(HERALD) New finance scheme for farmers

New finance scheme for farmers
By Walter Muchinguri

A local tractor and implements assembly company, Motira (Private) Limited, in conjunction with Agribank, CBZ Bank, Interfin and ZB Banks, has unveiled a finance scheme to enable farmers to purchase tractors.

The scheme entails payment of a deposit of 30 percent of the value of the tractor by the farmer’s bank of choice out of the four, with the balance being paid over a period of between six and 24 months. The finance institution will then give a guarantee to the supplier for the period and balance agreed upon.

“We have entered into arrangements with four local banks and yes, they have been guaranteeing the purchase of tractors by farmers.

“The 30 percent deposit is very competitive as most schemes available in the market request deposits of over 40 percent,” said Motira managing director Mr Hossein Fazlollahi.

He added that the response so far had been overwhelming.

“We are very pleased by the understanding of our customers to date, that commercial sustainability of the tractor project derives from them paying their 30 percent deposit and balance in installments as agreed with and guaranteed by the bank of their choice,” said Mr Fazlollahi.

He said the deposit is meant to revolve the scheme so that it remains sustainable.

The company assembles seven models ranging from the 47 HP to the 110HP (4X4) of the Iran Tractor Manufacturing Company tractors also known locally as the Massey Ferguson brand.

It also assembles implements such as disc harrows, ploughs and maize planters.

The company also offers warranties on its tractors besides the after sales service support.

Labels: AGRICULTURE, IRAN TRACTOR MANUFACTURING COMPANY, TRACTORISATION

posted by MrK @ 2:12 PM