International Tractors Ltd, part of the Rs 5,000 crore Sonalika Group recently announced its partnership with L&T Finance (LTF) for tractor financing. The partnership aims at providing easy credit and financing benefits to Sonalika’s customers across the country. Marked with competitive interest rates, customised repayment options and additional benefits for farmers, the association will be a boon for prospective Sonalika buyers in the country.
Commenting on the partnership A S Mittal, Vice Chairman, International Tractors Ltd said “ Our country ranks second in farm output and mechanization of farming has played a crucial role in increasing agricultural productivity with tractors and farm equipment forming an integral part of this overall growth. As a consumer centric company, our policy has been to maximize grass root benefits for our customers. With this tie-up we hope to reach out to those customers who are in need of tractors and are looking for funds to buy them. This tie-up will provide easy and hassle free finance options for them.”
Sonalika is the fastest growing tractor manufacturing company in the country and has witnessed more than 25 % growth in the last two consecutive years. With high demand of its heavy duty tractors, the company plans to sell more than a lakh of tractors in FY-15. L&T Finance which offers a wide spectrum of financial products and services for trade, industry and agriculture, is looking to further expand its base in rural retail financing. This strategic partnership will bring synergy for both the companies while benefitting their existing markets.
The Executive Director of the company Raman Mittal said, “ This strategic agreement is a step in the same direction. L&T finance offers innovative products and services at affordable rates. With highly competitive schemes for tractors, we are hopeful of a good response from our dealers and customers”.
