Mahindra partners State Bank of India for tractor and farm machinery financing

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 for its tractors and farm machinery products across India.

Customers can visit the nearest Mahindra Tractor dealership to avail of financing options on its range of tractors and farm machinery or visit the nearest SBI branch to initiate the application process.

Hemant Sikka, President – Farm Equipment Sector, Mahindra & Mahindra 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 for the financing of Mahindra’s wide range of tractors and farm machinery.”

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Shantanu Pendsey, CGM – Agri Business Unit and Government 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 networks of touchpoints across the country, bringing ease and convenience into the lives of farmers through a range of our tailor-made finance schemes.”

State Bank of India says it has been a market-leader in agriculture financing in India with a portfolio of over Rs 245,000 crore in agricultural advances that covers more than a crore farmers. It 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.

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