Mahindra and State Bank of India tie-up for tractor & farm machinery financing in Karnataka
Bengaluru, March 23, 2023: Mahindra & Mahindra’s Farm Equipment Sector, the world’s largest tractor manufacturer by volume, has tied up with the State Bank of India (SBI) to provide easy loan options on their tractors and farm machinery products across India.
Customers can visit the nearest Mahindra Tractor dealership to avail financing options on Mahindra’s range of tractors and farm machinery or visit the nearest SBI branch to initiate the application process. Customers are required 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 crucial to ensuring that farmers are able to choose the right farm equipment for smooth running of their operations and at Mahindra we are pleased to partner with SBI in Karnataka for financing of Mahindra’s wide range of tractors and farm machinery. Through this partnership with SBI, we aim to enable farmers to avail hassle-free, affordable, and flexible credit facilities, as we aim to Transform Farming & Enrich Lives through mechanisation on India’s farmlands.”
Speaking on the tie-up with Mahindra & Mahindra Ltd. for Tractor & Farm Machinery financing, Shantanu Pendsey, CGM – Agri Business Unit & Govt. Sponsored Schemes, SBI said, “Technology plays a major role in increasing farmers productivity, as well as incomes and we at SBI, aim to deliver 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, bringing ease and convenience into the lives of farmers through a range of our tailor-made finance schemes.”
SBI has been a pioneer and a market-leader in agriculture-financing in India with a portfolio of over Rs.2,45,000 crore in agricultural advances that covers more than one crore farmers. SBI provides hassle-free and adequate credit for purchase of farm machinery like tractors, combine harvesters, power tillers, and other farm machinery though its vast network of over 15,000 rural and semi-urban branches. This tie-up enables farmers to avail 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. Having rolled-out its first tractor in 1963, through a joint venture with International Harvester Inc., USA, in March 2019, Mahindra became the first Indian tractor brand to sell 3 million tractors, inclusive of sales to global customers. Known for their exceptional build-quality and performance on rugged and unforgiving terrain, Mahindra tractors have earned both the Deming Award and the Japanese Quality Medals; and is the only tractor manufacturer to have achieved this feat.
Today Mahindra has one of the most diverse range of tractors and farm machinery, developed for multi-functional use for both domestic and global markets, with a presence in over 50 countries across six continents, with the U.S. as the largest tractor market for the company outside India.
Mahindra has seven manufacturing centres in India, with over 1,100 tractor and farm machinery dealerships across the country. Mahindra has a global manufacturing and assembly presence worldwide in North America, Brazil, Mexico, Finland, Turkey and Japan through subsidiaries.