Mahindra & Mahindra’s Farm Equipment Sector signed a memorandum of understanding (MoU) with the Jammu & Kashmir Bank to finance Mahindra’s range of tractors and farm machinery.
As one of the oldest nationalized banks in India, with its corporate headquarters in Srinagar, J&K Bank will provide financing to prospective customers who can avail affordable and hassle-free financing facilities on Mahindra branded tractors and farm machinery, via its branches in Srinagar, Jammu & Kashmir, Punjab, Himachal Pradesh, Leh, and Ladakh.
Commenting on the collaboration, Hemant Sikka, President – Farm Equipment Sector, Mahindra & Mahindra Ltd. said, “Access to credit is a major hindrance in allowing farmers to employ mechanization solutions in their farmlands. With J&K Bank we at Mahindra aim to help farmers purchase the latest Mahindra farm equipment in the region. Through J&K Bank’s wide network, we also aim to offer improved access to affordable credit through innovative and attractive financing solutions that will help farmers acquire the latest farm equipment to boost their yields.”
Speaking on the occasion, President, J&K Bank, Syed Rais Maqbool said, “In line with our customer-centric strategy, we have entered this tie-up with the country’s leading Tractor and Farm Equipment maker to enhance credit to the farm equipment sector, thereby facilitating ease of farming for people belonging to the agricultural sector. The agreement shall entitle our customers to appropriate discounts from M&M along with the bank’s competitive rate of interest.”
Syed Rais Maqbool further added, “I hope the agreement will enable both the J&K Bank and M&M to leverage the inherent strengths of each other's brand and network of outlets across India with a focus on J&K and Ladakh where we have 851 business units.”
Mahindra has been India’s No.1 tractor brand for more than three decades. Having rolled out its first tractor in 1963, through a joint venture with International Harvester Inc.
USA, Mahindra & Mahindra in March 2019 became the first Indian tractor brand to sell 3 million tractors, inclusive of sales to global customers. At present Mahindra has over 60 tractor and farm machinery dealerships and over 80 touchpoints across Srinagar, Jammu & Kashmir, Punjab, Himachal Pradesh, Leh, and Ladakh.
