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Mahindra and SBI tie up for financing tractors and farm machinery

Publish Date: | Sat, 18 Mar 2023 12:49 PM (IST)

Indore. The farm equipment sector of Mahindra & Mahindra, the world’s largest tractor manufacturer by volume, has tied up with State Bank of India (SBI) to provide easy loan options on its tractors and farm machinery products across India. .

Customers can avail financing options on Mahindra’s range of tractors and farm machinery by visiting the nearest Mahindra tractor dealership or they can visit the nearest SBI branch to initiate the application process. Customers need to submit their KYC documents, proof of income and property documents to initiate the process.

Commenting on the announcement, Hemant Sikka, President, Farm Equipment Sector, Mahindra & Mahindra Ltd. said, “Financing is critical in enabling farmers to choose the right farm equipment to perform their operations smoothly and Mahindra Happy to associate with SBI for financing your wide range of Tractors & Farm Machinery in Madhya Pradesh. Through this partnership with State Bank of India (SBI), we aim to enable farmers to avail hassle-free, affordable and flexible credit facilities, as we aim to transform farming through mechanization on India’s farmland And to enrich life.

Commenting on the tie-up with Mahindra & Mahindra Ltd. for tractor and farm machinery financing, Shantanu Pendse, CGM – Agribusiness Unit and Government Sponsored Schemes, State Bank of India said, “Increasing productivity as well as income of farmers Technology has a major role to play and SBI aims to provide the best financial solutions to farmers to buy the best farm equipment solutions available in the country. Our partnership with Mahindra will ensure sale of farm equipment through one of the widest network of touchpoints across the country, making life easier and more convenient for farmers.”

SBI has been a pioneer and market-leader in agri-financing in India, with a portfolio of over Rs 2,45,000 crore in agricultural advances covering over one crore farmers. SBI through its vast network of over 15,000 rural and semi-urban branches provides easy and adequate loans for purchase of farm machinery like tractors, combine harvesters, power tillers and other farm machinery. The tie-up enables farmers to avail the latest Mahindra products through affordable financing through India’s largest public sector bank.

Mahindra has been India’s No. 1 tractor brand for more than three decades. In March 2019, after rolling out its first tractor in 1963 through a joint venture with International Harvester Inc, USA, Mahindra became the first Indian tractor brand to sell 3 million tractors including sales to global customers. Known for their exceptional build-quality and rugged performance in rough terrain, Mahindra tractors have earned both the Deming Award and the Japanese Quality Medal; And it is the only tractor manufacturer to achieve this feat.

Today Mahindra has the most diverse range of tractors and farm machinery, developed for multi-functional use for both domestic and global markets. Outside India, the United States is the largest tractor market for Mahindra with a presence in over 50 countries across six continents.

Mahindra has seven manufacturing centers in India, with over 1,100 tractor and farm machinery dealerships across the country. Mahindra has a global manufacturing and assembly presence through subsidiaries in North America, Brazil, Mexico, Finland, Turkey and Japan.

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