Magma Fincorp, a non-deposit taking and non-banking finance company, is working to increase the share of finance to used vehicles even as it wants to cut down the dependence on tractors from 27 percent to 20 percent
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Rating agency Fitch said, Because of loan waivers Delinquencies on tractor loans could rise as other Indian states are likely to follow Uttar Pradesh (UP’s) lead in waiving loans.
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Analysts says, the tractor loan portfolio is yet to see recovery, even as monsoons are expected to be above normal this year. This is at a time when overall commercial vehicle (CV) loans have started showing signs of recovery, banking on improved industrial activity.
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The State Bank of India (SBI), Chennai Circle, has given special settlement to farmers who had failed to repay their farm mechanisation and tractor loans through a special one-time settlement offer.
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