J&K Bank signs MoU with Mahindra & Mahindra for affordable farm-equipment finance

SRINAGAR : J&K Bank has signed a memorandum of understanding (MoU) with Mahindra & Mahindra’s Farm Equipment Sector (FES) – India’s leading tractor maker- as its preferred financier across the country with special focus on J&K and Ladakh.

As per the agreement, J&K Bank will provide affordable and hassle-free financing facilities to prospective customers on Mahindra branded tractors and farm machinery at its business units particularly in Jammu, Kashmir and Ladakh.

Vice President Imtiyaz Ahmad Bhat signed the agreement on behalf of J&K Bank while as the National Sales Head Sunil Johnson put in his signatures representing M&M-FES. The signing ceremony was held last week in presence of Bank’s 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 officials of the Bank.

Commenting on the collaboration, President Syed Rais Maqbool said, “In line with our customer-centric strategy, we have entered into 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 agricultural sector. The agreement shall entitle our customers for appropriate discounts from M&M along with Bank’s competitive rate of interest.”

“I hope the agreement will enable both the 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”, he added.

In his remarks regarding the agreement, M&M’s President – Farm Equipment Sector, Hemant Sikka said, “With access to credit as a major block for farmers in employing mechanization on their farmlands, we at Mahindra entered into the tie-up with J&K Bank to help farmers purchase the latest Mahindra farm equipment in the region. Through J&K Bank’s wide network we also hope 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.”