Mahindra signs MoU with Jammu & Kashmir Bank to provide affordable loans for its range of agricultural equipment

Bombay,: Mahindra & Mahindra’s Farm Equipment Sector, the world’s largest tractor manufacturer by volume and part of the Mahindra Groupsigned a memorandum of understanding (MoU) with the Bank of Jammu and Kashmir to fund Mahindra’s range of tractors and agricultural machinery.

As one of the oldest nationalized banks in Indiawith its head office at Srinagar, J&K Bank will provide financing to prospective customers who can avail affordable and hassle-free financing facilities on Mahindra brand tractors and agricultural machinery, through its branches at Srinagar, Jammu & Cashmere, Punjab, Himachal PradeshLeh and Ladakh.

Commenting on the collaboration, Hemant SikkaPresident – Agricultural equipment sector, Mahindra & Mahindra Ltd. said: “Access to credit is a major barrier preventing farmers from employing mechanization solutions on their farmland. With J&K Bank At Mahindra, we aim to help farmers purchase the latest Mahindra agricultural equipment in the region. By J&K Bank’s wide network, we also aim to provide better access to affordable credit through innovative and attractive financing solutions that will help farmers acquire the latest agricultural equipment to increase their yields.

Speaking on this occasion, Mr President, J&K Bank, Syed Rais Maqbool said, “In line with our customer-centric strategy, we have entered into this combination with the nation’s leading manufacturer of tractors and agricultural equipment to improve credit to the agricultural equipment industry, thereby facilitating farming 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 further added “I hope the agreement will enable both J&K Bank and M&M to leverage the inherent strengths of each other’s brand and retail network across India with a focus on J&K and Ladakh, where we have 851 business units.

Mahindra has been india #1 tractor brand for over three decades. After releasing its first tractor in 1963, as part of a joint venture with International Harvester Inc., USAMahindra and Mahindra in March 2019 became the first Indian tractor brand to sell three million tractors, including sales to global customers. At present, Mahindra has more than 60 tractor and agricultural machinery dealerships and more than 80 contact points across Srinagar, Jammu & Cashmere, Punjab, Himachal PradeshLeh and Ladakh.

Recognized for their outstanding build quality and performance in rough and unforgiving terrain, Mahindra tractors have won both the Deming Award and Japanese Quality Medals and are the only tractor manufacturer to achieve this feat. Today, Mahindra has one of the most diverse ranges of tractors and agricultural machinery, developed for multifunctional use for domestic and global markets, with a presence in over 50 countries on six continents, and with the WEas the biggest market for the company outside India. Today, Mahindra has a global manufacturing and assembly presence around the world with a field presence in North America, Brazil, Mexico, Finland, Turkeyand Japan through subsidiaries.

Bank of Jammu and Kashmir (J&K Bank) is a Scheduled Commercial Bank and one of the oldest private sector banks Indiaincorporated in 1938. J&K Bank serves the banking needs of various customer segments, including commercial enterprises, employees of public administrations, semi-public and autonomous bodies, farmers, artisans, public sector organizations and corporate clients. The bank also offers a wide range of consumer credit products, including home loans, personal loans, education loans, agricultural loans, trade credits and consumer loans, a number of financial products unique solutions tailored to the needs of various customer segments.

About Mahindra

Founded in 1945, the Mahindra Group is one of the largest and most admired multinational business federations with 260,000 employees in more than 100 countries. It occupies a leading position in agricultural equipment, utility vehicles, information technology and financial services in India and is the world’s largest tractor company by volume. It has a strong presence in renewable energies, agriculture, logistics, hotels and real estate.

The Mahindra Group has a clear purpose to lead ESG globally, enable rural prosperity and improve urban life, with the aim of bringing about positive change in the lives of communities and stakeholders to enable them to s raise.

Learn more about Mahindra at www.mahindra.com / Twitter and Facebook: @MahindraRise/ For updates, subscribe to https://www.mahindra.com/news-room

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