J&k Bank will provide financing for Mahindra tractors and agricultural machinery

Mahindra Agricultural Equipment Business & Mahindra, the world’s largest tractor manufacturer by volume and part of the Mahindra Group, has signed a Memorandum of Understanding (MoU) with Jammu & Kashmir Bank to fund the range of tractors and of agricultural machinery from Mahindra.

J&K Bank, headquartered in Srinagar, will provide finance to prospective customers who can avail affordable finance facilities on Mahindra brand tractors and agricultural machinery, through its branches in Srinagar, Jammu & Kashmir, Punjab, Himachal Pradesh, Leh and Ladakh.

Hemant Sikka, President of Agricultural Equipment Sector, Mahindra & Mahindra Ltd., said, “Access to credit is a major barrier preventing farmers from using mechanization solutions on their farmland. Together with J&K Bank, at Mahindra, we aim to help farmers purchase the latest Mahindra agricultural equipment in the area. Through J&K Bank’s extensive network, we also aim to provide greater access to affordable credit through innovative and attractive financing solutions that will help farmers acquire the latest agricultural equipment to increase their yields. »

J&K Bank Chairman, Syed Rais Maqbool said, “In line with our customer-centric strategy, we have entered into this combination with the country’s leading tractor and agricultural equipment manufacturer to enhance credit to the agricultural equipment, thus facilitating agriculture. for people in the agricultural sector. The agreement will entitle our customers to appropriate rebates from M&M as well as the bank’s competitive interest rate.”

Syed Rais Maqbool added, “I hope the agreement will enable both J&K Bank and M&M to leverage the inherent strengths of their brand and outlet network across India, bringing focus on J&K and Ladakh, where we have 851 business units.

At present, Mahindra has over 60 tractor and agricultural machinery dealerships and over 80 contact points in Srinagar, Jammu & Kashmir, Punjab, Himachal Pradesh, Leh and Ladakh.

To subscribe to Mint Bulletins

* Enter a valid email

* Thank you for subscribing to our newsletter.

About the author