3F inks pact with SBI to extend farm loans

​Eluru: 3F Oil Palm Agrotech Pvt Ltd announced a strategic tie-up with the State Bank of India to provide farm loans to oil palm cultivating farmers, under a ‘buy back’ agreement with the company.

The memorandum of understanding between 3F Oil Palm and SBI is expected to benefit most of the oil palm farmers in 3F zone area in West Godavari district. Term loans and annual loans will be extended to farmers who owns oil palm gardens and supplying FFB to the factory and the new farmers who are planting oil palm freshly from this season.

Elaborating further on providing farm loans to oil palm farmers, Ashis Goenka, executive director of 3F Oil Palm Agrotech who signed on the MoU with SBI said, “We at 3F Oil Palm always strive to improve the conditions of oil palm farmers in the country. Our company stands guarantee for the ‘buy back’ of the produce from the farmers.”