TAFE has shown impressive growth in 2004-05 with a sale of 32679 tractors and a growth of over 38 %. ICICI Bank’s Farm Equipment division has grown in leaps and bounds from extending loans for Rs 300 million in 2003 to Rs.3500 million in 2005

Apart from a loan tenure of 7 years, the longest offered by any private sector bank, the scheme offers other facilities that make the scheme farmer friendly. The customer has a choice of tailoring his repayment of the loan as per his cropping pattern, making it convenient to repay. The options include monthly, quarterly or half-yearly payments. This can be aligned to the harvest month of the crops grown by the farmer.

The scheme also demands the lowest margin money among private banks and loans may be availed even by commercial buyers, subject to borrowers satisfying requirements such as minimum land holdings.

With the network of about 500 + sales and service outlets of TAFE together with the 400 strong ICICI network, the scheme offers service at the door step for availing tractor loans and purchasing MF- TAFE tractors apart from the traditional fast friendly and convenient loan process of ICICI.

This coming together of two giants in their respective fields, viz., TAFE and ICICI will prove to be a boon to the tractor buyers in India.