Mahindra & Mahindra’s Farm Equipment Sector, the world’s largest tractor manufacturer by volume, signed a memorandum of understanding (MoU) with the Jammu & Kashmir Bank to finance Mahindra’s range of tractors and farm machinery.
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 tractors and farm machinery, via its branches in Jammu & Kashmir, Punjab, Himachal Pradesh and Ladakh.
Highlighting the collaboration, Hemant Sikka, President – Farm Equipment Sector, Mahindra & Mahindra said, “Access to credit is a major hindrance in allowing farmers to employ mechanisation 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, Syed Rais Maqbool, President, J&K Bank 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 for appropriate discounts from M&M along with the bank’s competitive rate of interest.”
You may also like to read: US-based precision agriculture company, AGCO coming up with digital capability centre in India
“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 focus on J&K and Ladakh where we have 851 business units,” Syed Rais Maqbool further said.
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 three million tractors, inclusive of sales to global customers. At present Mahindra has over 60 tractor and farm machinery dealerships and over 80 touchpoints across Jammu & Kashmir, Punjab, Himachal Pradesh and Ladakh.
Mahindra has one of the most diverse range of tractors and farm machinery, developed for multi-functional use for both domestic and global markets, with a presence in over 50 countries with the US as the largest market for the company outside India. Today Mahindra has a global manufacturing and assembly presence worldwide with an on-ground presence in North America, Brazil, Mexico, Finland, Turkey and Japan through subsidiaries.