Mahindra allied with J&K Bank for affordable finance of farming equipment

Recently J & K Bank signed a Memorandum of understanding with the leading tractor-making company of India Mahindra & Mahindra’s Farm Equipment Sector (FES), as it is the premium investor across the country.

Maintaining the Point of Focus

Keeping Jammu & Kashmir and Ladakh a particular focus point in their bond, in the signed agreement, J&K bank will affiliate affordable and stress-free loan facilities on farming equipment of Mahindra branded tractors and farm technology through its established branches in Srinagar, Punjab, Himachal Pradesh, J&K, Ladakh, and Leh.

J&K Bank Vice President Imtiyaz Ahmad Bhat signed the deal on behalf of the bank, while M&M-FES National Sales Head Sunil Johnson signed on behalf of the company. Last week, President Syed Rais Maqbool, AVP Suhail Ahmad Lone, M&M' FES Head Dealer Working Capital Management Tanmai Saksena, Zonal Retail Finance Manager Rajan Arora, and other Bank officials attended the signing ceremony.

Concentrating on providing solutions for farmers through Farm Mechanization

“We have observed hindrance in farmers’ potential to exercise farm mechanization solutions that ultimately lead to a lack of credit. By joining hands with J&K Bank, we at Mahindra hope to guide the farmers in purchasing the most advanced Mahindra agricultural equipment in the region” Hemant Sikka, M&M President – Farm Equipment Sector, said in a public release.

 “With India’s leading Tractor & Farming Equipment manufacturer, we have engaged in this alliance maintaining a customer-centric approach to enhance the credit of farm gear industry, as a result of this we are facilitating the ease of framing for people in the agriculture sector,” President Syed Rais Maqbool said. Our customers will be entitled to applicable M&M discounts as well as the Bank's attractive rate of interest under the agreement."

J&K Bank also intends to enhance access to inexpensive credit through innovative and appealing financing solutions that will enable farmers to obtain the latest farm equipment to boost their yields, he said, citing the company's extensive network.

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