BAAC joins hands with SIAM KUBOTA in introducing loans for machines, investing over 15 billion baht

Bank for Agriculture and Agricultural Co-operatives (BAAC), together with SIAM KUBOTA and SIAM KUBOTA Leasing will soon launch a new project that will help farmers access and own agricultural machines for reduced cost and increased productivity, with special conditions aimed at reducing financial burdens with lower interest rate and maximum installment payment period of eight years. The targeted amount of loans is 15 billion baht. May 24, 2012at Vibhavadi Ballroom C, Centara Grand at Central Plaza Ladprao, Bangkok, Mr. Luck Wajananawat, manager of Bank for Agriculture and Agricultural Co-operatives (BAAC), Mr. Hiroshi Kawakami, president of SIAM KUBOTA Corporation Co., Ltd. and Ms. Suksri Punyakorn, Managing Director of SIAM KUBOTA Leasing Co., ltd. together sign the MOU of the project to offer loans for agricultural machines for production, processing and transportation under special conditions to reduce the burden for farmers and increase opportunities for them. Mr. Luck Wajananawat of BAAC said that the MOU among BAAC, SIAM KUBOTA Corporation Co,. Ltd. and SIAM KUBOTA Leasing Co,. Ltd. is a substantial cooperation and support to offer loans to farmers to buy agricultural equipment and agricultural to reduce their burdens in purchasing equipment for agricultural production, processing and transportation according to their needs. Having their own equipment will help lessen their financial burden as well as increase productivity. BAAC will offer two types of loans: 1. For investment in procuring agricultural equipments, machines and vehicles as well as appendix equipments such as tractors, combine harvesters, rice transplanters, Puddy threshing machines, Maize threshing machines, agricultural machines, engines, and transporting trucks. 2. For giving loans to farmers to pay off outstanding installment payment with companies, leasing companies, representatives or any business in this category, and transfer ownership of such equipments to the farmers or their family. The BAAC is aiming to spend about 15 billion baht in this project. Farmers who participate in the equipment procurement campaign will receive special offers in waiving guarantees whether real estate mortgage or guarantor. The loan credit is 80-100% of their assets and installment payment period is up to eight years. The interest rate is an effective rate, which is lower than flat rate. Mr. Kawakami said that the BAAC has high potential due to its good relationship with farmers and its experience in taking care of farmers’ finance. It also has branches nationwide, so he is sure that this project will be a good option for farmers to access more diverse financial options that will tangibly promote their quality of life as well as effectively coincide with SIAM KUBOTA’s policy to drive Thai agriculture forward sustainably by introducing new technology, knowledge and agricultural know-how to reduce cost and increase productivity. Meanwhile, Ms. Suksri said that farmers who are still paying off their monthly payments with SIAM KUBOTA Leasing can refinance with BAAC. The bank will consider a loan to close the account with SIAM KUBOTA Leasing. Participating clients will get extra discounts in interest rate from SIAM KUBOTA, extending further benefits for farmers. This cooperation among BAAC, SIAM KUBOTA and SIAM KUBOTA Leasing will be highly beneficial for Thai farmers and will help elevate the status of Thai agriculture to thrive amidst the competitive environment, especially in the upcoming Asean Economic Community (AEC). This project is an excellent choice for farmers who want to buy SIAM KUBOTA’s equipments so that they have access to various choices of financial assistance that will best match their needs. -KPA-

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